Bill > SB2946

This bill modifies the process for finalizing foreclosure sales in Hawaii, specifically for judicial foreclosures (foreclosure by action) and power of sale foreclosures. For judicial foreclosures, a sale is not considered final for fifteen days after the public auction, unless an eligible bidder submits a higher bid or a written notice of intent to bid higher, in which case the sale is not final until the earliest of these actions or forty-five days after the sale. If a subsequent bid is accepted, the new successful bidder must make a nonrefundable down payment of at least ten percent of their bid. The bill also defines "eligible bidder" to include eligible tenant buyers (current occupants renting the property who are not related to the owner), prospective owner-occupants (individuals who will live in the property as their primary residence within sixty days and for at least a year), non-profit affordable housing developers, community land trusts, and government agencies. These definitions were previously part of the power of sale foreclosure section but are now being incorporated into the judicial foreclosure process as well, ensuring a consistent approach to these types of sales.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2946&year=2026