Hawaii SB2071 amends the rent-to-own program to allow participants to purchase units after ten years of rental.

Hawaii SB2071 modifies the rent-to-own program by allowing participants to purchase units after ten years of rental. The sales price is fixed for the first ten years, and participants have the option to buy the unit at this price. If the participant does not purchase within this period, they forfeit the right to buy. The act does not affect rights and duties that matured, penalties incurred, or proceedings begun before its effective date. The changes will take effect on July 1, 2050.

Hawaii SB2071 amends the rent-to-own program to allow participants to purchase units after ten years of rental.

Hawaii SB2071 modifies the rent-to-own program by allowing participants to purchase units after ten years of rental. The sales price is fixed for the first ten years, and participants have the option to buy the unit at this price. If the participant does not purchase within this period, they forfeit the right to buy. The act does not affect rights and duties that matured, penalties incurred, or proceedings begun before its effective date. The changes will take effect on July 1, 2050.