To: The Hawaii State House, The Hawaii State Senate, and Governor David Ige
STOP FRAUDULENT FORECLOSURES - SUPPORT HB2705
Support HB2705 to Repeal or Amend HRS §490:3-301 and remove "A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument."
Why is this important?
HB2705 is intended to repeal or amend the language in HRS §490:3-301 "A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument." The verbiage was added in 1990 at the request of the financial industry under the guise of curbing check fraud. The language is outdated and more recently abused in the foreclosure process by eliminating the need to be the rightful holder of a mortgage loan in wrongful foreclosures, creating the opportunity to commit fraud.
The language needs to be repealed or amended to protect consumers.
The language needs to be repealed or amended to protect consumers.