STAND. COM. REP. NO. 2973

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2345

       H.D. 1

       S.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

 

Sir:

 

     Your Committee on Commerce, Consumer Protection, and Health, to which was referred H.B. No. 2345, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO MONEY TRANSMITTERS,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to clarify:

 

     (1)  Certain terminology used within the Money Transmitters Act for purposes of consistency; and

 

     (2)  The powers of the Commissioner of Financial Institutions relating to money transmitters.

 

     Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.

 

     Your Committee finds that this measure clarifies the powers of the Commissioner of Financial Institutions and amends bond and other security device provisions for consistency with terms used in the Money Transmitters Act.  This measure also enhances the Commissioner of Financial Institutions' ability to take appropriate action against violators of the State's money transmitters law, deter noncompliance, and protect consumers.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to upon approval; and

 

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

 

     As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Health that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2345, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2345, H.D. 1, S.D. 1, and be referred to your Committee on Ways and Means.

 

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

 

 

 

________________________________

ROSALYN H. BAKER, Chair