HI HB403

Amends Hawaii Revised Statutes Section 506-8 to require mortgagees to provide reassignment or release of security interests in leases and rents when the underlying mortgage debt is fully satisfied, in addition to releasing the mortgage itself.

Authorizes title insurers or underwritten title companies to execute reassignment or release instruments for security interests in leases and rents if the mortgagee fails to do so within 60 days of written request.

Allows mortgagors, title insurance companies, escrow companies, and other interested parties to file court actions to obtain reassignment or release instruments when mortgagees do not comply within 60 days.

Provides that courts may issue orders for reassignment or release of security interests upon proof that the mortgage debt has been discharged and the mortgage is fully satisfied, and may award treble damages and attorney's fees if good cause is found.

Effective date: July 1, 2099.