STAND. COM. REP. NO.2070
RE: S.B. No. 2724
Honorable Robert Bunda
President of the Senate
Twenty-First State Legislature
Regular Session of 2002
State of Hawaii
Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 2724 entitled:
"A BILL FOR AN ACT RELATING TO REAL ESTATE,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Reduce regulatory requirements for limited-equity housing cooperatives;
(2) Revise the licensure requirements for out-of-state real estate licensees who have previously met equivalent prelicensing requirements by authorizing the Commission to enter into formal license reciprocity or recognition agreements;
(3) Allow principle brokers to delegate management and supervision duties; and
(4) Streamline regulatory requirements for condominium managing agents.
Your Committee received testimony in support of the measure from the Real Estate Commission of the Department of Commerce and Consumer Affairs and Hawaii Association of Realtors.
Your Committee finds that this measure makes appropriate and positive changes, including deletions, to current law to streamline and eliminate duplicative regulatory requirements.
These clarifications will foster greater consumer protection by enhancing the publicís ability to understand the laws.
Your Committee has made technical, nonsubstantive changes to reflect preferred drafting style.
As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2724, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2724, S.D. 1, and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection and Housing,
RON MENOR, Chair