On January 17, 2024, the Hawaii Senate introduced SB 2130 proposing to add an additional due diligence mailing for financial organizations.
If passed, financial organizations will be required to send written notice “to each person listed in the holder’s records as potentially having an interest in the property, regardless of whether the person is an apparent owner.”
Such notice must be within 90-270 days before filing the report. Most notably, the mailing is required in addition to the regular due diligence notice to apparent owners that must be sent within six months of the report filing.
In Hawaii, financial organizations are defined to mean a savings and loan association, financial services loan company, bank, banking organization, or credit union.
If passed, this law would become effective immediately.
