HB1557 Summary

• Imposes a $1,000 per day fine on homeowners who fail to occupy or rent foreclosed residential properties, beginning 30 days after notice of judicial foreclosure is served.

• Transfers fine liability to the foreclosing party if the foreclosure sale is postponed or cancelled and the property remains unoccupied.

• Imposes a $1,000 per day fine on prevailing purchasers who fail to record the conveyance document transferring title within a specified timeframe after the foreclosure sale.

• Exempts short-term rental agreements from Hawaii's residential landlord-tenant code (Chapter 521) if the property is rented for limited periods and cumulative days.

• Requires counties to adopt ordinances regulating and enforcing fines, with fine proceeds used first to reimburse administrative costs and then for infrastructure improvements in the residential subdivision where the foreclosed property is located.