SB 744 Hawaii Senate · 2026 Regular Session

RELATING TO CONDOMINIUMS.

Summary

Establishes within the Hawaii Green Infrastructure Authority the Condominium Loan Program to provide qualified condominium associations with low-cost financing or refinancing on previously obtained loans for maintenance and essential repairs. Establishes the Condominium Loan Loss Reserves Program to incentivize lenders into providing loans at competitive rates and terms for the purpose of allowing condominium associations to make necessary maintenance or repairs. Requires annual reports to the Legislature. Appropriates funds into and out of the Condominium Loan Revolving Fund. Effective 7/1/2050. (SD1)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

Mar 2025

Senate Passage

Feb 2025

House Passage

Governor

Introduced Jan 17, 2025 Last action Dec 8, 2025

Maddy AI version diff · 1 comparison

What changed between versions

SB744 → SB744_SD1 · 5 edits

MODERATE

The bill was fundamentally rewritten to shift from a direct government loan program to a credit enhancement model. Instead of the state directly lending money, the new version establishes a 'Condominium Loan Revolving Fund' that provides reserves to private lenders to reduce their risk, thereby encouraging them to offer loans to condominium associations. This approach also extends the bill's effective date to July 1, 2050, and removes the previous $30 million appropriation limit.

Scope change

The bill's scope expanded from a direct lending program to a broader credit enhancement program that incentivizes private financial institutions to participate in financing condominium repairs.

SCOPE

Changed the mechanism from direct state loans to a 'Condominium Loan Loss Reserves Program' where the state funds reserves for private lenders to cover potential loan losses.

TIMELINE

Extended the bill's effective date from July 1, 2025, to July 1, 2050.

FISCAL

Removed the specific $30 million appropriation for a special fund and replaced it with a new 'Condominium Loan Revolving Fund' with blank appropriation amounts to be filled in later.

REQUIREMENT

Added requirements for participating financial institutions to submit annual reports and establish reserve accounts for each loan made under the program.

ELIGIBILITY

Replaced the specific eligibility criteria for direct loans with a new framework allowing the authority to set rules for lender participation and loan qualifications.

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 4, 2025

Committee

Referred to CPC, FIN, referral sheet 18

lower

Feb 28, 2025

Introduced

Received from Senate (Sen. Com. No. 45) in amended form (SD 1).

lower

Feb 28, 2025

Upper · Passed

Report Adopted; Passed Third Reading. Ayes, 23; Aye(s) with reservations: Senator(s) Inouye. Noes, 0 (none). Excused, 2 (Senator(s) Fukunaga, Kidani). Transmitted to House.

upper

Feb 18, 2025

Upper · Passed

The committee(s) on WAM recommend(s) that the measure be PASSED, UNAMENDED. The votes in WAM were as follows: 12 Aye(s): Senator(s) Dela Cruz, Moriwaki, Aquino, Elefante, Hashimoto, Kanuha, Kidani, Kim, Lee, C., Wakai, Fevella; Aye(s) with reservations: Senator(s) Inouye ; 0 No(es): none; and 1 Excused: Senator(s) DeCoite.

upper

Feb 14, 2025

Upper · Passed

The committee(s) on WAM will hold a public decision making on 02-18-25 10:01AM; Conference Room 211 & Videoconference.

upper

Feb 7, 2025

Upper · Passed

Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM.

upper

Feb 7, 2025

Committee

Reported from CPN/EDT (Stand. Com. Rep. No. 100) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

upper

Feb 5, 2025

Upper · Passed

The committee(s) on EDT recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in EDT were as follows: 4 Aye(s): Senator(s) DeCoite, Wakai, Fukunaga, Kim; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Awa.

upper

Feb 5, 2025

Upper · Passed

The committee(s) on CPN recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in CPN were as follows: 4 Aye(s): Senator(s) Keohokalole, Fukunaga, McKelvey, Richards; Aye(s) with reservations: none ; 0 No(es): none; and 1 Excused: Senator(s) Awa.

upper

Jan 31, 2025

Upper · Passed

The committee(s) on CPN/EDT has scheduled a public hearing on 02-05-25 9:45AM; Conference Room 229 & Videoconference.

upper

Jan 23, 2025

Committee

Referred to CPN/EDT, WAM.

upper

Jan 17, 2025

Introduced

Introduced.

upper

4 primary · 0 co-sponsors