STAND. COM. REP. NO.310-02

Honolulu, Hawaii

, 2002

RE: H.B. No. 1825

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committees on Consumer Protection and Commerce and Judiciary and Hawaiian Affairs, to which was referred H.B. No. 1825 entitled:

"A BILL FOR AN ACT RELATING TO THE REVISED UNIFORM COMMERCIAL CODE ARTICLE 9 – SECURED TRANSACTIONS,"

beg leave to report as follows:

The purpose of this bill is to:

(1) Amend and update provisions in Article 9 of the Revised Uniform Commercial Code (Article 9) which controls secured transactions; and

(2) Provide that the security interest of a party that purchases a right to payments from the winnings of another person in a lottery or other game of chance, is automatically perfected without filing or refiling financing statements.

Testimony in support of this bill was received from Hawaii's Commission to Promote Uniform Legislation, members of which belong to the National Conference of Commissioners on Uniform State Laws.

Your Committees find that Hawaii's Article 9 should be revised to correct technical errors and inconsistencies to maintain uniformity with Article 9 as adopted by all other states and the District of Columbia.

As affirmed by the records of votes of the members of your Committees on Consumer Protection and Commerce and Judiciary and Hawaiian Affairs that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 1825 and recommend that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committees on Consumer Protection and Commerce and Judiciary and Hawaiian Affairs,

 

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ERIC G. HAMAKAWA, Chair

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KENNETH T. HIRAKI, Chair