HI HB33

Requires real estate brokers and salespersons to use a licensed escrow depository under chapter 449 for all sales or leases of real estate.

Mandates escrow depositories provide Form 1099 for miscellaneous income to transferors, transferees, and real estate brokers or salespersons at closing.

Requires escrow depositories to provide transferees with information about withholding requirements under the Foreign Investment in Real Property Tax Act of 1980 and Hawaii real property tax law (section 235-68).

Requires real estate brokers or salespersons to file an attachment with the deed or lease at the Land Court or Bureau of Conveyances noting the name of the escrow depository involved in the transaction.

Takes effect upon approval and does not affect rights, duties, or penalties that existed before the effective date.