HI SB2765

Allows condominium associations that acquire title to a unit through foreclosure to retain rental income received from that unit prior to the appointment of a commissioner in any subsequent foreclosure proceeding.

Eliminates the previous requirement that associations pay "excess rental income" to existing lien holders based on priority of lien for the benefit of the unit owner.

Permits courts to require associations to remit rental income received after a commissioner is appointed in a subsequent foreclosure, to be held until the court enters an order of distribution.

Repeals detailed provisions specifying what expenses could be deducted before calculating "excess rental income," including delinquent assessments, maintenance fees, attorney's fees, and repair costs.

Takes effect July 1, 2050, and does not affect rights, duties, penalties, or proceedings that began before the effective date.