STAND. COM. REP. NO.446

Honolulu, Hawaii

, 2001

RE: S.B. No. 1072

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 1072 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII HURRICANE RELIEF FUND,"

begs leave to report as follows:

The purpose of this measure is to clarify the powers of the Hawaii Hurricane Relief Fund (HHRF).

Your Committee received testimony in support of this measure from the Board of Land and Natural Resources, Insurance Division, HHRF, and Hawaii Insurers Council. Testimony in opposition was received from the Hawaii Association of Realtors, Hawaii Independent Insurance Agents Association, Hawaii Financial Services Association, and Mortgage Bankers Association of Hawaii. The Insurance Division submitted comments.

This measure:

(1) Allows the HHRF to suspend or reactivate the special mortgage recording fee; and

(2) Extends the authority to issue reimbursable general obligation bonds to fiscal year 2001-2002.

This measure is intended to give the HHRF flexibility in assessing the financial needs of the fund, particularly at this time when the HHRF is considering ceasing operations. Testimony in opposition to this measure indicates a preference for repeal of the special mortgage recording fee altogether. Your Committee defers to the Committee on Ways and Means as to whether or not the fee should be abolished.

Your Committee amended this measure to make technical, nonsubstantive to reflect preferred drafting style.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1072, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1072, S.D. 1, and be referred to the Committee on Ways and Means.

 

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

____________________________

RON MENOR, Chair