Bill > SCR2

This concurrent resolution requests the Insurance Commissioner to conduct a comprehensive statewide study on title insurance, focusing on its potential impact on home ownership affordability. The resolution recognizes that title insurance is a risk management tool designed to protect property buyers from unknown claims that could affect property value or ownership rights, but also acknowledges that the upfront costs can create significant financial barriers for prospective homeowners. Specifically, the Insurance Commissioner is asked to investigate the potential benefits of reforming or eliminating title insurance requirements to help reduce obstacles to home ownership. The resolution further requires the Insurance Commissioner to submit a detailed report with findings and recommendations, including potential legislative proposals, no later than twenty days before the 2026 regular legislative session. The study aims to explore ways to make home purchasing more accessible by addressing the financial burdens associated with title insurance, with the ultimate goal of creating additional pathways for residents to become homeowners.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SCR&billnumber=2&year=2025