SB2765 clarifies that condominium associations acquiring title through foreclosure can retain rental income received before a commissioner is.

SB2765 addresses the financial burden on condominium associations that acquire title through foreclosure. It allows these associations to retain rental income received before a commissioner is appointed in a subsequent foreclosure. The bill aims to alleviate administrative and financial burdens on associations, ensuring they can secure timely payment of common expense assessments. It amends Hawaii Revised Statutes to specify conditions under which rental income may be retained or remitted to a court-appointed commissioner.

SB2765 clarifies that condominium associations acquiring title through foreclosure can retain rental income received before a commissioner is.

SB2765 addresses the financial burden on condominium associations that acquire title through foreclosure. It allows these associations to retain rental income received before a commissioner is appointed in a subsequent foreclosure. The bill aims to alleviate administrative and financial burdens on associations, ensuring they can secure timely payment of common expense assessments. It amends Hawaii Revised Statutes to specify conditions under which rental income may be retained or remitted to a court-appointed commissioner.