STAND. COM. REP. NO. 677

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: H.B. No. 1020
                                     H.D. 1




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Economic Development and Business
Concerns, to which was referred H.B. No. 1020 entitled: 

     "A BILL FOR AN ACT RELATING TO THE HAWAII CAPITAL LOAN
     PROGRAM,"

begs leave to report as follows:

     The purpose of this bill is to:

     (1)  Provide an appropriate effective date for the
          implementation of the business loan guarantee program;
          and

     (2)  Provide an extension of the effective date for the
          neighbor island preferential business loan interest
          rate. 

     Testimony in support of this bill was submitted by the
Department of Business, Economic Development, and Tourism.

     Your Committee has amended this bill to change the effective
date of Act 104, Session Laws of Hawaii 1998, from July 1, 1998,
to July 1, 1999. 

     As affirmed by the record of votes of the members of your
Committee on Economic Development and Business Concerns that is
attached to this report, your Committee is in accord with the
intent and purpose of H.B. No. 1020, as amended herein, and
recommends that it pass Second Reading in the form attached

 
 
                                 STAND. COM. REP. NO. 677
                                 Page 2

 
hereto as H.B. No. 1020, H.D. 1, and be referred to the Committee
on Finance.

                                   Respectfully submitted on
                                   behalf of the members of the
                                   Committee on Economic
                                   Development and Business
                                   Concerns,



                                   ______________________________
                                   ROBERT N. HERKES, Chair