STAND. COM. REP. NO. 460

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1066

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Commerce and Consumer Protection, to which was referred S.B. No. 1066 entitled:

 

"A BILL FOR AN ACT RELATING TO SECURITIES LAW,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to clarify, amend, and correct errors in Hawaii's securities law.

 

     Your Committee received testimony in support of this measure from the Business Registration Division of the Department of Commerce and Consumer Affairs.  Your Committee received comments on this measure from the American Council of Life Insurers.

 

     Your Committee finds that the Hawaii Uniform Securities Act, codified as chapter 485A, Hawaii Revised Statutes, contains some errors and inconsistencies.  This measure corrects and clarifies these errors and inconsistencies and has been reviewed by interested stakeholders in the securities industry, including the Securities Section of the Hawaii Bar Association, the Securities Industry Financial Markets Association, the Financial Planners Association, and the Bankers Association.

 

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1066 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

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

 

 

 

____________________________

ROSALYN H. BAKER, Chair