STAND. COM. REP. NO. 1094-04

Honolulu, Hawaii

, 2004

RE: H.C.R. No. 90

H.D. 1

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.C.R. No. 90 entitled:

"HOUSE CONCURRENT RESOLUTION REQUESTING THE AUDITOR TO CONDUCT A SUNRISE REVIEW OF THE REGULATION OF MONEY TRANSMITTERS,"

begs leave to report as follows:

The purpose of this concurrent resolution is to initiate a sunrise review of the regulation of money transmitters, as required by section 26H-6, Hawaii Revised Statutes.

Your Committee heard testimony in support of this concurrent resolution from the Commissioner of Financial Institutions. The Commissioner noted that S.B. No. 2903, H.D. 1, if enacted, will only allow the registration of money transmitters. The Commission acknowledged that this measure is an appropriate way for the Legislature to obtain the information needed to decide whether to go beyond mere registration and, if so, what form of regulation would be optimal.

Your Committee has amended this concurrent resolution by:

(1) Adding additional clauses to reflect the history and purpose of money transmission businesses;

(2) Omitting certain clauses which were not essential to the purpose of the concurrent resolution; and

(3) Making nonsubstantive changes for consistency and style.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 90, as amended herein, and recommends that it be referred to the Committee on Finance in the form attached hereto as H.C.R. No. 90, H.D. 1.

 

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

 

____________________________

KENNETH T. HIRAKI, Chair