HI HB467

Prohibits mortgagees from bundling multiple foreclosed properties together for public sale; each property must be sold separately unless the deed or mortgage requires otherwise.

Allows eligible bidders 45 days after a public foreclosure sale to submit a matching or higher bid to purchase the property, with a 15-day initial notice period for intent to bid.

Defines eligible bidders as: tenants occupying the property as primary residence, prospective owner-occupants, nonprofit affordable housing developers, community land trusts, and state or county government agencies.

Requires any initial successful bidder who loses to an eligible bidder to receive a refund of their nonrefundable 10% down payment.

Effective date: July 1, 3000 (note: appears to contain a typographical error in the statute).