STAND. COM. REP. NO. 1219

                                 Honolulu, Hawaii
                                                   , 1999

                                 RE: S.B. No. 1326
                                     




Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Consumer Protection and Commerce, to which
was referred S.B. No. 1326 entitled: 

     "A BILL FOR AN ACT RELATING TO LENDER EXEMPTIONS,"

begs leave to report as follows:

     The purpose of this bill is relieve foreign lenders of
certain licensing, registration, and regulatory requirements
presently imposed by law.

     Specifically, the bill exempts foreign lenders from mortgage
broker and solicitor licensure, and from real estate collection
agent registration.  The bill also repeals the provision
requiring foreign lenders to file a statement with the
Commissioner of Financial Institutions for mortgage loan
purposes.

     Testimony in support of this bill was received from the
Commissioner of Financial Institutions of the Department of
Commerce and Consumer Affairs.

     Your Committee finds that this bill will encourage and
facilitate qualified foreign lenders to do business in this
State.  This bill is identical to H.B. 1075 which was passed out
of your Committee earlier this session, but the House bill
crossed to the Senate after this bill. 

     As affirmed by the record of votes of the members of your
Committee on Consumer Protection and Commerce that is attached to

 
 
                                 STAND. COM. REP. NO. 1219
                                 Page 2

 
this report, your Committee is in accord with the intent and
purpose of S.B. No. 1326 and recommends that it pass Second
Reading and be referred to the Committee on Finance.

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



                                   ______________________________
                                   RON MENOR, Chair