HI SB142

Allows homeowners with mortgaged property to authorize their insurance company to electronically remit claim proceeds directly to their mortgagee (lender) instead of receiving a physical check

Requires mortgagees who receive electronic claim proceeds to deliver the funds to the insured homeowner according to the mortgage agreement and insurance policy terms

Defines "electronic delivery" to include verified email, electronic terminals, posting to electronic sites or networks, and other methods specified in the insurance policy

Adds a new section to Hawaii Revised Statutes Chapter 431, Article 10E (property insurance)

Effective date: July 1, 2050