Hawaii SB2946 amends foreclosure laws to allow eligible bidders to submit higher bids after a public sale.

Hawaii SB2946 amends foreclosure laws by allowing eligible bidders to submit higher bids after a public sale. Eligible bidders include tenant buyers, prospective owner-occupants, nonprofit corporations, community land trusts, and government agencies. If an eligible bidder submits a subsequent bid equal to or exceeding the highest bid, they become the final successful bidder. The bill also defines terms such as "eligible bidder" and "prospective owner-occupant." This Act does not affect rights and duties that matured before its effective date.

Hawaii SB2946 amends foreclosure laws to allow eligible bidders to submit higher bids after a public sale.

Hawaii SB2946 amends foreclosure laws by allowing eligible bidders to submit higher bids after a public sale. Eligible bidders include tenant buyers, prospective owner-occupants, nonprofit corporations, community land trusts, and government agencies. If an eligible bidder submits a subsequent bid equal to or exceeding the highest bid, they become the final successful bidder. The bill also defines terms such as "eligible bidder" and "prospective owner-occupant." This Act does not affect rights and duties that matured before its effective date.