STAND. COM. REP. NO.  190

 

Honolulu, Hawaii

                , 2007

 

RE:   H.B. No. 1311

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Sir:

 

     Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 1311 entitled:

 

"A BILL FOR AN ACT RELATING TO MONEY TRANSMITTERS,"

 

begs leave to report as follows:

 

     The purpose of this bill is to enhance the regulation of money transmitters by correcting various errors or omissions in the Money Transmitters Act under Chapter 489D, Hawaii Revised Statutes, including:

 

(1)         Exempting from regulation as money transmitters, foreign banks that are licensed under the laws of the United States or any state and therefore already supervised as financial institutions;

 

(2)         Correcting an error in the calculation of annual license fees; and

 

(3)         Authorizing the Commissioner of Financial Institutions to provide reports and other information relating to the examination of money transmitters to certain state agencies having regulatory authority over a money transmitter, and to other state and federal agencies for use in investigating civil or criminal charges against a money transmitter.

 

     The Department of Commerce and Consumer Affairs and the Hawaii Credit Union League testified in support of this bill.  The Hawaii Financial Services Association submitted comments.

 

     Your Committee finds that this measure will improve the administration of the Money Transmitters Act, which was enacted in 2006 to ensure the safe and sound operation of the money transmitter industry.

 

     As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1311 and recommends that it pass Second Reading and be referred to the Committee on Judiciary.

 

 

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

 

 

 

 

____________________________

ROBERT N. HERKES, Chair