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Can you summarize HIRS 480E-9?
Mortgage Rescue Fraud Prevention Act > Distressed property lease.
Short Summary
This legal document, governed by the Hawaii Revised Statutes under the Mortgage Rescue Fraud Prevention Act, pertains to distressed property leases. It requires distressed property leases to be in writing and fully disclose the rights and obligations of the distressed property lessor and lessee, the exact terms and duration of the lease, and the compensation received by the distressed property lessor. Distressed property lessees are entitled to all rights under the landlord-tenant law of the State, and the lease must not provide them with fewer rights than those provided by the State’s landlord-tenant law. The first page of the lease must contain a description of the distressed property, the name and address of the distressed property lessor, and the address for lease payments and correspondence. The lease must be dated and signed by the distressed property lessor and all lessees. A copy of the lease must be provided to each lessee upon execution by all parties. The lease only becomes effective once all parties have signed it.
Whom does it apply to?
Distressed property lessors and distressed property lessees
What does it govern?
Distressed property lease
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Hawaii