STAND. COM. REP. NO.930

Honolulu, Hawaii

, 2001

RE: S.B. No. 1061

S.D. 1

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred S.B. No. 1061, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO REAL ESTATE BROKERS,"

begs leave to report as follows:

The purpose of this bill is to eliminate unnecessary regulation of real estate brokers (REB) by:

(1) Changing the experience requirement from full-time during the three years preceding a license application to a more reasonable requirement of at least three years of the five years preceding the application;

(2) Exempting a condominium hotel operator who is a licensed REB from registration and fidelity bond requirements that duplicate protections under REB regulatory requirements; and

(3) Providing that the fidelity bond requirement applicable to condominium hotel operators should also apply to condominium managing agents.

Testimony in support of this measure was submitted by the Real Estate Commission (Commission), Hawaii Association of Realtors, and Office of the Lieutenant Governor.

Your Committee finds that this bill is a product of the Department of Commerce and Consumer Affair's Slice Waste and Tape effort, and involved the cooperative efforts of the Commission and the real estate industry. This measure will help to ease the regulatory burden on REBs without compromising consumer safety.

Your Committee has made technical, nonsubstantive amendments to this bill for purposes of clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1061, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1061, S.D. 1, H.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

____________________________

KENNETH T. HIRAKI, Chair