HOUSE OF REPRESENTATIVES

H.B. NO.

1715

TWENTY-SEVENTH LEGISLATURE, 2014

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to the investor education program.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that national and local news accounts report that elderly citizens are often victimized by a variety of consumer and financial fraud.  Some of the more common scams include identity theft, investment fraud, and health care fraud.

     The legislature further finds that fighting fraud and abuse against the elderly presents unique challenges in Hawaii.  The State's population is aging much faster than the national average, and the cultural and ethnic diversity that characterizes Hawaii's kupuna population is unlike that of any other state in the country.

     The legislature additionally finds that the department of commerce and consumer affairs has taken a proactive approach to preventing fraud against the State's citizens.  The investor education program within the department of commerce and consumer affairs office of the securities commissioner offers free educational presentations and materials for all investors, including seniors.  The program provides education and outreach to the State's kupuna, including information on how to make wise choices when investing and how to detect financial fraud, and is an important way the State supports and protects Hawaii's kupuna.

     Accordingly, the purpose of this Act is to support and protect Hawaii's kupuna by appropriating funds to the office of the securities commissioner for the continued operation of the office's investor education program targeted to kupuna.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $50,000 or so much thereof as may be necessary for fiscal year 2014-2015 for the continued operation of the investor education program, targeted to kupuna, within the department of commerce and consumer affairs office of the securities commissioner.

     The sum appropriated shall be expended by the department of commerce and consumer affairs for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2014.

 

INTRODUCED BY:

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Report Title:

Office of the Securities Commission; Investor Education Program; Kupuna; Appropriation

 

Description:

Appropriates funds for the continued operation of the investor education program, targeted to kupuna, within the department of commerce and consumer affairs office of the securities commissioner.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.