STAND. COM. REP. NO.856

Honolulu, Hawaii

, 2001

RE: H.B. No. 584

H.D. 2

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 584, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO ESCROW DEPOSITORIES,"

begs leave to report as follows:

The purpose of this bill is to amend the laws governing escrow depositories to:

(1) Recognize and protect the confidentiality of portions of escrow depository company applications and records;

(2) Establish procedures for closing a branch office;

(3) Revise procedures for voluntarily terminating escrow depository operations; and

(4) Allow the Commissioner of Financial Institutions (Commissioner) to vary certain fees by rule.

The Department of Commerce and Consumer Affairs supported the intent of this bill. The Office of Information Practices commented on this bill.

Your Committee has amended this bill by:

(1) Providing that information contained in any application or record shall be made available to the public unless that information may be withheld from public disclosure by the Commissioner under Chapter 92F, Hawaii Revised Statutes; and

(2) Requiring that notification be given to buyers and sellers at least twenty days prior to the termination of escrow depository operations.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 584, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 584, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

DWIGHT Y. TAKAMINE, Chair