Hawaii 2024 Regular Session

Hawaii Senate Bill SB2126 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	THE SENATE S.B. NO. 2126 THIRTY-SECOND LEGISLATURE, 2024 ~~S.D. 1~~ STATE OF HAWAII A BILL FOR AN ACT RELATING TO SECURITY DEPOSITS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
	1	+	THE SENATE S.B. NO. 2126 THIRTY-SECOND LEGISLATURE, 2024 STATE OF HAWAII A BILL FOR AN ACT relating to security deposits. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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3	3		THE SENATE S.B. NO. 2126
4		-	THIRTY-SECOND LEGISLATURE, 2024 ~~S.D. 1~~
	4	+	THIRTY-SECOND LEGISLATURE, 2024
5	5		STATE OF HAWAII
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7	7		THE SENATE
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9	9		S.B. NO.
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11	11		2126
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13	13		THIRTY-SECOND LEGISLATURE, 2024
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15		-	~~S.D. 1~~
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17	17		STATE OF HAWAII
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31	31		A BILL FOR AN ACT
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37	37		relating to security deposits.
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43	43		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
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47		-	SECTION 1. Chapter 521, Hawaii Revised Statutes, is amended by adding a new section to part IV to be appropriately designated and to read as follows: "§521- Security deposit alternatives. Upon a tenant's request, a landlord that requires a security deposit as a condition of a rental agreement pursuant to section 521-44(b), shall offer to accept at least one of the following in lieu of the required security deposit: (1) Rental security insurance; provided that: (A) The insurance provider is an approved carrier licensed by, and in good standing with, the insurance division of the department of commerce and consumer affairs; (B) The coverage is effective upon the payment of the first premium and remains effective for the entire lease term; and (C) The coverage provided per claim is not less than the amount the landlord requires for a security deposit; or (2) ~~A surety bond in an amount equal to~~ the total security deposit. Nothing in this section shall be construed as to limit any other provisions or requirements pursuant to section 521-44." SECTION 2. New statutory material is underscored. SECTION 3. This Act shall take effect ~~on July 1, 2040~~.
	47	+	SECTION 1. Chapter 521, Hawaii Revised Statutes, is amended by adding a new section to part IV to be appropriately designated and to read as follows: "§521- Security deposit alternatives. Upon a tenant's request, a landlord that requires a security deposit as a condition of a rental agreement pursuant to section 521-44(b), shall offer to accept at least one of the following in lieu of the required security deposit: (1) Rental security insurance; provided that: (A) The insurance provider is an approved carrier licensed by, and in good standing with, the insurance division of the department of commerce and consumer affairs; (B) The coverage is effective upon the payment of the first premium and remains effective for the entire lease term; and (C) The coverage provided per claim is not less than the amount the landlord requires for a security deposit; or (2) Payment of the total security deposit over a series of not less than six equal monthly installments, which shall be due on the same day as the monthly rent payment and paid together with the monthly rent payment in a single transaction, absent a separate agreement by the landlord and tenant. Nothing in this section shall be construed as to limit any other provisions or requirements pursuant to section 521-44." SECTION 2. New statutory material is underscored. SECTION 3. This Act shall take effect upon its approval. INTRODUCED BY: _____________________________
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49	49		SECTION 1. Chapter 521, Hawaii Revised Statutes, is amended by adding a new section to part IV to be appropriately designated and to read as follows:
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51	51		"§521- Security deposit alternatives. Upon a tenant's request, a landlord that requires a security deposit as a condition of a rental agreement pursuant to section 521-44(b), shall offer to accept at least one of the following in lieu of the required security deposit:
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53	53		(1) Rental security insurance; provided that:
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55	55		(A) The insurance provider is an approved carrier licensed by, and in good standing with, the insurance division of the department of commerce and consumer affairs;
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57	57		(B) The coverage is effective upon the payment of the first premium and remains effective for the entire lease term; and
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59	59		(C) The coverage provided per claim is not less than the amount the landlord requires for a security deposit; or
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61		-	(2) ~~A surety bond in an amount equal to~~ the total security deposit.
	61	+	(2) Payment of the total security deposit over a series of not less than six equal monthly installments, which shall be due on the same day as the monthly rent payment and paid together with the monthly rent payment in a single transaction, absent a separate agreement by the landlord and tenant.
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63	63		Nothing in this section shall be construed as to limit any other provisions or requirements pursuant to section 521-44."
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65	65		SECTION 2. New statutory material is underscored.
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67		-	SECTION 3. This Act shall take effect ~~on July 1, 2040~~.
	67	+	SECTION 3. This Act shall take effect upon its approval.
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69		-	Report Title: Security Deposit Alternatives; Rental Security Insurance; Surety Bond; Residential Landlord-Tenant Code Description: Requires a landlord to accept either rental security insurance or a surety bond in lieu of a traditional security deposit, upon a tenant's request. Takes effect 7/1/2040. (SD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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	71	+	INTRODUCED BY: _____________________________
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	73	+	INTRODUCED BY:
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	75	+	_____________________________
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	81	+	Report Title: Security Deposit Alternatives; Rental Security Insurance; Security Deposit Installments; Residential Landlord-Tenant Code Description: Requires a landlord to accept either rental security insurance or security deposit installment payments in lieu of a traditional security deposit, upon a tenant's request. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
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77	89		Report Title:
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79		-	Security Deposit Alternatives; Rental Security Insurance; ~~Surety Bond~~; Residential Landlord-Tenant Code
	91	+	Security Deposit Alternatives; Rental Security Insurance; Security Deposit Installments; Residential Landlord-Tenant Code
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83	95		Description:
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85		-	Requires a landlord to accept either rental security insurance or ~~a surety bond~~ in lieu of a traditional security deposit, upon a tenant's request. ~~Takes effect 7/1/2040. (SD1)~~
	97	+	Requires a landlord to accept either rental security insurance or security deposit installment payments in lieu of a traditional security deposit, upon a tenant's request.
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93	105		The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.