STAND. COM. REP. NO.  1658-08

 

Honolulu, Hawaii

                , 2008

 

RE:   S.B. No. 3009

      S.D. 2

      H.D. 2

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2008

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 3009, S.D. 2, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO MONEY TRANSMITTERS,"

 

begs leave to report as follows:

 

     The purpose of this bill is to enhance the regulation of money transmitters by amending the Money Transmitters Act under Chapter 489D, Hawaii Revised Statutes, to:

 

     (1)  Change the application and licensing fees;

 

     (2)  Enhance consumer protections;

 

     (3)  Make clarifying amendments; and

 

     (4)  Correct errors and omissions.

 

     The Department of Commerce and Consumer Affairs, Money Services Round Table, and a concerned individual testified in support of this bill.

 

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2020, to encourage further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for 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 S.B. No. 3009, S.D. 2, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 3009, S.D. 2, H.D. 2.

 

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

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair