SB 1366 Hawaii Senate · 2026 Regular Session

RELATING TO INTEREST ON INSURANCE PROCEEDS RELATED TO A MORTGAGE LOAN.

Summary

Requires licensed mortgage servicers and financial institutions to pay interest on insurance proceeds held for the benefit of consumers. Provides that a fee shall not be charged to the borrower in connection with the maintenance or disbursement of interest earned from interest-bearing accounts. Effective 7/1/2050. (SD1)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Mar 2025

House Passage

Governor

Introduced Jan 21, 2025 Last action Dec 8, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB1366 → SB1366_SD1 · 3 edits

MINOR

This bill updates the effective date of the legislation from July 1, 2025, to July 1, 2050, and changes the bill title to indicate it is a Senate District 1 substitute. The substantive policy requirements regarding interest on insurance proceeds and fee restrictions remain unchanged, though the text was reorganized to align with a different legislative template.

Scope change

The bill's scope and applicability remain unchanged; it continues to apply to Hawaii financial institutions and mortgage servicers handling insurance proceeds for damaged residential properties.

TIMELINE

The effective date of the Act was changed from July 1, 2025, to July 1, 2050, significantly delaying when the new interest and fee rules will take effect.

TECHNICAL

The bill title and metadata were updated to reflect that this is a Senate District 1 substitute version (SD1) rather than the original Senate bill.

Formatting and citation styles were updated to replace standard references with bracketed placeholders (e.g., [C.F.R.]) and adjust section numbering to match a new template.

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

Mar 6, 2025

Committee

Referred to CPC, FIN, referral sheet 19

lower

Mar 4, 2025

Introduced

Received from Senate (Sen. Com. No. 313) in amended form (SD 1).

lower

Mar 4, 2025

Upper · Passed

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 14, 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 10, 2025

Upper · Passed

The committee(s) on CPN has scheduled a public hearing on 02-14-25 9:30AM; Conference Room 229 & Videoconference.

upper

Jan 27, 2025

Committee

Referred to CPN.

upper

Jan 23, 2025

Introduced

Introduced and passed First Reading.

upper

Jan 21, 2025

Introduced

Pending Introduction.

upper

1 primary · 0 co-sponsors