HB 1047: RELATING TO INTEREST ON INSURANCE PROCEEDS RELATED TO A MORTGAGE LOAN.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Requires Hawaii financial institutions, during a declared state of emergency, and mortgage servicers to determine whether insurance proceeds are to be applied to a mortgage or be placed into an interest-bearing escrow account. Prohibits charging a fee for the maintenance or disbursement of the interest earned from the interest-bearing escrow account. (HD1)

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. December 8, 2025Carried over to 2026 Regular Session.
2. February 14, 2025Reported from CPC (Stand. Com. Rep. No. 674) as amended in HD 1, recommending passage on Second Reading and referral to FIN.
3. February 14, 2025Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Matayoshi, Poepoe, Ward excused (4).
4. February 11, 2025The committee on CPC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 10 Ayes: Representative(s) Matayoshi, Chun, Ilagan, Ichiyama, Iwamoto, Kong, Lowen, Marten, Tam, Pierick; Ayes with reservations: none; Noes: none; and Excused: none.
5. February 7, 2025Bill scheduled for decision making on Tuesday, 02-11-25 2:00PM in conference room 329 VIA VIDEOCONFERENCE.
6. February 4, 2025The committee(s) on CPC recommend(s) that the measure be deferred.
7. January 31, 2025Bill scheduled to be heard by CPC on Tuesday, 02-04-25 2:00PM in House conference room 329 VIA VIDEOCONFERENCE.
8. January 23, 2025Introduced and Pass First Reading.
9. January 23, 2025Referred to CPC, FIN, referral sheet 3
10. January 21, 2025Pending introduction.