HB1557 Summary

• Imposes $1,000 per day fines on homeowners who fail to occupy or rent foreclosed residential properties within 30 days of receiving judicial foreclosure notice.

• Transfers fine liability to foreclosing parties if foreclosure sales are postponed or cancelled and the property remains unoccupied.

• Imposes $1,000 per day fines on prevailing purchasers who fail to record conveyance documents within a specified timeframe after public sale if the property is unoccupied.

• Establishes rental agreement framework for foreclosed properties with exemption from Hawaii's residential landlord-tenant code (Chapter 521) for rentals under specified durations.

• Requires counties to adopt ordinances regulating and enforcing the fines, with collected proceeds designated for administrative costs and residential subdivision infrastructure improvements.