STAND. COM. REP. NO.  966-20

 

Honolulu, Hawaii

                , 2020

 

RE:   H.B. No. 2317

      H.D. 2

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 2317, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO SECURITIES,"

 

begs leave to report as follows:

 

     The purpose of this measure is to protect vulnerable adults from financial exploitation in relation to securities.

 

     Your Committee received testimony in support of this measure from NAIFA Hawaii.  Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs, Department of Human Services, Office of Information Practices, and Securities Industry Association of Hawaii.

 

     Your Committee has amended this measure by:

 

     (1)  Distinguishing elders, defined as persons aged 62 or older, from vulnerable adults, with both groups afforded protections under this measure;

 

     (2)  Authorizing broker-dealers and investment advisers to delay transactions in connection with an account of an elder or vulnerable adult, in addition to disbursements from the account, under certain conditions, and amending those conditions;

 

     (3)  Specifying that records relevant to suspected or attempted financial exploitation of an elder or vulnerable adult and provided to the Commissioner of Securities are not considered a government record under the Uniform Information Practices Act; and

 

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

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2317, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2317, H.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

SYLVIA LUKE, Chair