CONFERENCE COMMITTEE REP. NO. 22

 

Honolulu, Hawaii

                 , 2013

 

RE:    S.B. No. 1071

       S.D. 2

       H.D. 1

       C.D. 1

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam and Sir:

 

     Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 1071, S.D. 2, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO FINANCIAL INSTITUTIONS,"

 

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

 

     The purpose of this measure is to:

 

     (1)  Modernize the State's financial institutions law, codified as chapter 412, Hawaii Revised Statutes; and

 

     (2)  Adjust fees for financial institutions to reflect the additional regulation and monitoring required of the Division of Financial Institutions of the Department of Commerce and Consumer Affairs.

 

     Your Committee on Conference finds that the last comprehensive review of the State's financial institutions law was in 1993.  This measure modernizes the financial institution law to reflect changes in federal laws over the last twenty years, including changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.  This measure also strengthens and clarifies the Commissioner of Financial Institutions' powers to administer and enforce chapter 412, Hawaii Revised Statutes, and adjusts fees to reflect additional regulatory requirements and monitoring required for specific licensees.

 

     Your Committee on Conference has amended this measure by:

 

     (1)  Inserting an effective date of upon approval; and

 

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 1071, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 1071, S.D. 2, H.D. 1, C.D. 1.

 

Respectfully submitted on behalf of the managers:

 

ON THE PART OF THE HOUSE

 

ON THE PART OF THE SENATE

 

____________________________

ANGUS L.K. MCKELVEY, Co-Chair

 

____________________________

ROSALYN H. BAKER, Chair

____________________________

SCOTT Y. NISHIMOTO, Co-Chair

 

____________________________

WILL ESPERO, Co-Chair