HI HB1117

Requires the Agribusiness Development Corporation to offer lessees a written option to establish a corporation-approved payment plan before terminating leases for non-payment of rent.

Prohibits leases of corporation-controlled agricultural land from being transferred, assigned, or sublet without corporation approval, with the corporation able to review and approve consideration paid and assess premiums based on appreciation.

Requires the Board of Agriculture to adopt rules ensuring timely collection of lease payments and tracking of lessees in arrears, and to offer payment plans before canceling agricultural park leases for non-payment.

Authorizes the Board of Land and Natural Resources to allow payment plans for breaches or defaults of state leases or patents, with lease termination permitted only after a lessee rejects or fails to respond to a payment plan offer.

Takes effect July 1, 2150.