SB 1142 Hawaii Senate · 2026 Regular Session

RELATING TO INSURANCE PROCEEDS.

Summary

Requires mortgage servicers to comply with certain requirements regarding the disbursement of insurance proceeds for residential real estate that has been destroyed or damaged. Effective 7/1/3000. (HD1)

Bill status passed both 4 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Apr 2025

Senate Passage

Mar 2025

House Passage

Apr 2025

Governor

Introduced Jan 17, 2025 Last action Apr 23, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

SB1142_HD1 → SB1142_SD1 · 5 edits

MODERATE

This bill was transitioned from a House version (HD1) to a Senate version (SD1), updating the effective date from the distant future of July 1, 3000, to July 1, 2050. The text also corrected a grammatical error regarding delinquency thresholds and updated the interest rate calculation for held insurance proceeds to match current federal money market rates.

Scope change

The bill's scope remains focused on mortgage servicers handling insurance proceeds for destroyed or damaged residential real estate, but the effective date has been moved forward by approximately 50 years.

TIMELINE

The effective date of the Act was changed from July 1, 3000, to July 1, 2050.

REQUIREMENT

The requirement for disbursement was clarified to apply when a borrower is 'more than' thirty-one days delinquent, rather than 'thirty-one or more' days.

The interest rate for held insurance proceeds was updated to be 'not less than the national rate for money market accounts' instead of a fixed 2% simple interest rate.

New requirements were added for mortgage servicers to disclose interest rates, provide a primary point of contact, and retain communications for four years.

TECHNICAL

Minor formatting and text corrections were made, such as changing 'mortgage servicers' to 'mortgage services' in the description and adjusting line breaks.

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 8, 2025

Amended

Senate disagrees with House amendments.

upper

Apr 8, 2025

Introduced

Received from House (Hse. Com. No. 594).

upper

Apr 4, 2025

Lower · Passed

Passed Third Reading with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Kapela excused (2). Transmitted to Senate.

lower

Apr 1, 2025

Lower · Passed

The committee on FIN recommend that the measure be PASSED, UNAMENDED. The votes were as follows: 14 Ayes: Representative(s) Yamashita, Takenouchi, Grandinetti, Holt, Hussey, Keohokapu-Lee Loy, Kitagawa, Kusch, Lamosao, Lee, M., Miyake, Morikawa, Templo, Reyes Oda; Ayes with reservations: none; Noes: none; and 1 Excused: Representative(s) Alcos.

lower

Mar 21, 2025

Committee

Reported from CPC (Stand. Com. Rep. No. 1481) as amended in HD 1, recommending passage on Second Reading and referral to FIN.

lower

Mar 12, 2025

Lower · Passed

The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 8 Ayes: Representative(s) Matayoshi, Chun, Ilagan, Iwamoto, Kong, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Ichiyama, Lowen.

lower

Mar 6, 2025

Committee

Referred to CPC, FIN, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 265) in amended form (SD 1).

lower

Mar 4, 2025

Upper · Passed

Report adopted; Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.

upper

Feb 27, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1).

upper

Feb 25, 2025

Upper · Passed

The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 5 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Richards, Awa; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.

upper

Feb 20, 2025

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 02-25-25 9:34AM; Conference Room 229 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to CPN.

upper

Jan 17, 2025

Introduced

Introduced.

upper

3 primary · 0 co-sponsors