S.B. 3110 Summary

• Prohibits nonresident aliens, foreign businesses, and trusts with more than 20% ownership by nonresident aliens from acquiring residential property in Hawaii that was constructed more than five years prior to purchase.

• Defines "nonresident alien" to include foreign nationals, businesses formed outside the U.S., and entities with significant nonresident alien ownership or control.

• Exempts property acquired before July 1, 2020; property acquired through inheritance, devise, or debt collection; and liens or mortgages on residential property.

• Requires nonresident aliens who acquire residential property through foreclosure or debt collection to convey it to a non-alien within five years or the property reverts to the State.

• Authorizes the Attorney General to file court proceedings to revert and escheat violating properties to the State, with 90 days' notice to the owner; the State must compensate owners who acquired property through foreclosure.