STAND. COM. REP. NO. 296

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1397

 

 

 

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

 

Madam:

 

     Your Committee on Commerce, Consumer Protection, and Affordable Housing, to which was referred S.B. No. 1397 entitled:

 

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

 

begs leave to report as follows:

 

     The purpose of this measure is amend and update chapter 489D, Hawaii Revised Statutes (HRS), governing the licensing and regulation of money transmitters, in order to address and remedy inadvertent errors or omissions in that chapter as originally enacted during the 2006 Regular Session. 

 

     This measure also specifically adds foreign banks that are licensed under the laws of the United States or any other state to the list of financial institutions that are exempt from chapter 489D, HRS.

 

     Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.  The Hawaii Financial Services Association provided comments on this measure.

 

     Your Committee finds that this measure contains primarily housekeeping amendments that will enhance and strengthen the safe and secure operation of the money transmitter industry and protect the public interest.

 

     As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Affordable Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1397 and recommends that it pass Second Reading and be referred to the Committee on Judiciary and Labor.

 

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

 

 

 

____________________________

BRIAN T. TANIGUCHI, Chair