Hawaii SB2951 regulates the disbursement of insurance proceeds by mortgage servicers to borrowers for damaged or destroyed residential real estate.
Hawaii SB2951 amends Chapter 454M of the Hawaii Revised Statutes to establish guidelines for mortgage servicers disbursing insurance proceeds to borrowers. If residential real estate is damaged or destroyed, borrowers must create a repair or rebuild plan with specific milestones. Mortgage servicers must disclose the conditions for disbursing insurance proceeds upon borrower request. Disbursement rules vary based on the amount of insurance proceeds and the borrower's delinquency status. Servicers must hold un-disbursed proceeds in interest-bearing accounts.
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