HI HB24

Amends Section 271G-17.5 of the Hawaii Revised Statutes to clarify that water common carriers may enter into vessel leases longer than five years with prior Public Utilities Commission approval.

Permits water common carriers to enter into leverage leases for vessels upon securing prior approval of the Public Utilities Commission.

Changes the threshold for long-term vessel leases requiring commission approval from more than three years to longer than five years.

Requires commission approval for all vessel leases exceeding five years and all leverage leases for vessels, with such leases becoming void if entered into without authorization.

Takes effect July 1, 3000.