HB 294: RELATING TO DEPARTMENT OF HAWAIIAN HOMELANDS LEASES.

A BILL FOR AN ACT

relating to DEPARTMENT of hawaiian homelands leases.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  The legislature finds that lack of funding sources can be an impediment to native Hawaiian families that have held homestead leases under the Hawaiian Homes Commission Act.  Specifically, current lease documents fail to conform to the requirements of federally insured leading programs such as Fannie Mae or Freddie Mac.

     The purpose of this Act is to modernize the language used in all leases relating to the conveyance of “available lands” as designated in section 203 of the Hawaiian Homes Commission Act, 1920, as amended, such that it conforms to the requirements for securitization of federally insured lending programs such as Fannie Mae or Freddie Mac.

     SECTION 2.  The Hawaiian Homes Commission Act, 1920, as amended, is amended by adding a new section to be appropriately designated and to read as follows:

     "§   .  Land leases; specific language required.  Notwithstanding any provision of this Act to the contrary, any land lease used in the conveyance of “available lands” as defined in section 203 of the Hawaii Homes Commission Act shall conform in all respects to the requirements for securitization by federally insured lending programs.”

     SECTION 3.  New statutory material is underscored.

     SECTION 4.  This Act shall take effect on either the date of the Secretary of the Interior's notification letter to the Congressional Committee Chairmen that this Act meets none of the criteria in 43 CFR section 48.20, or on the date that the United States Congress approval becomes law.

Report Title:

DHHL; Hawaiian Homes Commission Act; Leases; Minority Caucus Package

Description:

Requires leases used in the conveyance of available lands as

defined by section 203 of the Hawaiian Homes Commission Act, as

amended, to conform to the requirements for securitization by

federally insured lending programs.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.