RELATING TO FORECLOSURES.

Prohibits mortgagees from bundling multiple mortgaged properties at public sales; each property must be bid on separately unless the deed or mortgage requires otherwise.

Creates a 45-day post-sale window for eligible bidders (tenants, prospective owner-occupants, nonprofits, community land trusts, and government agencies) to match or exceed the highest bid.

Changes the finality of foreclosure sales from immediate to conditional: sales remain open for 15 days if eligible bidders submit subsequent bids or notices of intent, or 45 days if eligible bidders submit actual subsequent bids.

Formally defines 'eligible bidder' and 'eligible tenant buyer' to include specific categories of buyers with priority rights in foreclosure auctions.

Updates statutory language in HRS Chapter 667 to reflect new sections 667-A and 667-B, and amends section 667-29 to clarify downpayment refund conditions when eligible bidders win subsequent bids.

The effective date was changed from July 1, 3000 to a more realistic implementation date, though the specific year was not clearly specified in the amendment.

Removed references to 'alternate power of sale' processes and simplified the language around public sale procedures to focus on standard power of sale foreclosures.

Streamlined the definitions of eligible bidders and prospective owner-occupants by removing redundant language and clarifying the affidavit requirements.

Updated section references and formatting to align with current statutory language, including changes to section 667-29 regarding downpayment requirements and refund conditions.

Clarified the process for eligible bidders to submit subsequent bids and the timeline for mortgagee receipt of such bids.

Prohibits mortgagees from bundling multiple mortgaged properties at public foreclosure sales, requiring each property to be bid on separately.

Clarifies that downpayments must be refunded if an eligible bidder wins the property after the initial sale.

Extends the finality period for foreclosure sales from 15 days to 45 days if an eligible bidder submits a subsequent bid or notice of intent.

Expands eligible bidders to include nonprofit affordable housing corporations, community land trusts, and state or county government agencies.

Adds a new category of eligible bidders: current tenants or prospective owner-occupants who can match the highest bid within 45 days.

Updates definitions of 'eligible bidder' and 'eligible tenant buyer' to include broader categories of potential buyers.

Extends similar protections to condominium foreclosures under section 667-98.

Added committee draft metadata headers including bill number, committee information, and timestamps.

Standardized text formatting and removed page headers/footers from the original draft.

Added new sections 4, 5, 6, and 7 regarding codification instructions, savings provisions, and effective date.

Simplified statutory references in Section 2, changing 'section 667-29 or 667-98' to just 'section 667-29' in multiple places.

Updated Section 3 to clarify that Section 667-29 is amended to read completely rather than partially.