HI SB142

Adds new section 431:10E-1 to Hawaii Revised Statutes regarding payment of homeowners insurance proceeds for mortgaged property.

Allows an insured to authorize the insurer in writing to electronically remit claim proceeds directly to the mortgagee instead of receiving a check.

Requires mortgagees receiving electronic delivery of claim proceeds to deliver those proceeds to the insured according to the mortgage agreement and insurance policy terms.

Defines key terms including "check" (referencing HRS 490:3-104), "electronic delivery" (transfer via email, electronic terminals, websites, or other methods), and "mortgage agreement" (note, debt instrument, and related mortgage documents).

Takes effect July 1, 2050.