RELATING TO EMERGENCY MANAGEMENT.

2024 Regular Session Introduced by Troy Hashimoto

Bill SB 2998 protects residents in condominium and planned communities from eviction and foreclosure during emergencies, ensuring housing stability and allowing mortgage deferments.

Referred to PSM, CPN/JDC.

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Summary of Bill SB 2998: Relating to Emergency Management

Bill Number: SB 2998
Introduced On: January 24, 2024
Current Status: Referred to PSM, CPN/JDC
Classification: Bill
Subject Areas: Emergency Management, Eviction Moratorium, Foreclosure Moratorium, Loan Deferment, Condominium Associations, Planned Community Associations, Consumer Reporting Agencies, Local State of Emergency, Mortgage Deferment, State of Emergency

Purpose and Intent

The primary purpose of Bill SB 2998 is to enhance the state's emergency management framework by providing specific provisions related to housing stability during declared emergencies. The bill aims to protect residents in condominium and planned community associations from eviction and foreclosure, ensuring that individuals and families can maintain their housing during times of crisis.

Key Provisions

Eviction Moratorium:

The bill proposes a temporary moratorium on evictions for residents of condominium and planned community associations during a declared state of emergency.

Foreclosure Moratorium:

Similar to the eviction moratorium, this provision would halt foreclosure proceedings on properties within these associations during emergencies.

Loan and Mortgage Deferment:

The bill includes measures for loan and mortgage deferment, allowing homeowners to postpone payments without penalty during a state of emergency.

Consumer Reporting Agencies:

It mandates that consumer reporting agencies must not report negative information related to missed payments during the moratorium periods, protecting residents' credit ratings.

Local State of Emergency:

The bill outlines the criteria and procedures for local governments to declare a state of emergency, which would trigger the protections outlined in the bill.

Affected Parties

Residents of Condominium and Planned Community Associations: The bill directly impacts individuals living in these communities by providing them with protections against eviction and foreclosure.

Homeowners: Those with mortgages will benefit from the proposed deferment options.

Consumer Reporting Agencies: These entities will need to adjust their reporting practices in accordance with the bill's provisions.

Procedural Aspects

Legislative Timeline:

January 24, 2024: The bill was introduced and passed its first reading.
January 26, 2024: The bill was referred to the committees on Public Safety, Intergovernmental, and Military Affairs (PSM) and Commerce and Consumer Protection (CPN)/Judiciary and Government Operations (JDC).

Conclusion

Bill SB 2998 seeks to provide critical protections for residents in condominium and planned community associations during emergencies, addressing housing stability through moratoriums on evictions and foreclosures, as well as offering deferment options for loans and mortgages. By safeguarding residents' rights and financial stability, the bill aims to mitigate the adverse effects of emergencies on housing security.