STAND. COM. REP. NO.1234

Honolulu, Hawaii

, 2003

RE: H.B. No. 1172

 

 

Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred H.B. No. 1172 entitled:

"A BILL FOR AN ACT RELATING TO THE UNIFORM SECURITIES ACT,"

begs leave to report as follows:

The purpose of this measure is to exclude banks, savings institutions, and trust companies from Hawaii's securities dealer's registration requirements and thus conforming state law to the federal Uniform Securities Act.

Your Committee received testimony in support of this measure from the Business Registration Division of the Department of Commerce and Consumer Affairs and Hawaii Bankers Association.

Your Committee finds that providing alignment of state law with federal law promotes uniform understanding and enforcement of such provisions within the industry. Your Committee further finds that Hawaii is amongst only three states that have yet to adopt this alignment of regulatory structures.

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 H.B. No. 1172, and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

 

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

____________________________

RON MENOR, Chair