CONFERENCE COMMITTEE REP. NO. 7-12

 

Honolulu, Hawaii

                 , 2012

 

RE:    S.B. No. 2748

       S.D. 1

       H.D. 1

       C.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sirs:

 

     Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 2748, S.D. 1, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"

 

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

 

The purpose of this measure is to:

 

     (1)  Require holders of unclaimed property not held in a safekeeping depository to pay or deliver all property to the Director of Finance upon filing their report to the Director of Finance;

 

     (2)  Specify a maximum fee that professional unclaimed property locators may charge;

 

     (3)  Allow an owner the right to assert that an agreement is invalid on grounds other than excessive or unjust compensation and allow the court to award reasonable attorney's fees to an owner who prevails in such an action; and

 

     (4)  Correct a reference to the unclaimed property trust fund.

 

     Your Committee on Conference finds that this measure makes Hawaii's law consistent with other states' laws by requiring the reporting and remittance of all unclaimed property at the same time.  This measure also establishes a maximum ten percent fee for professional unclaimed property locators, allows the court to award reasonable attorney's fees to an owner who prevails in an action to contest fees charged by a professional locator, and clarifies a reference to the unclaimed property trust fund.

 

     Your Committee on Conference has amended this measure by:

 

     (1)  Clarifying that an agreement that provides for compensation that exceeds ten percent of the total value of the property is unenforceable except by the owner;

 

     (2)  Permitting the court to award reasonable attorney's fees to an owner who prevails in an action to reduce compensation to an amount not to exceed ten percent of the total value of the property; and

 

     (3)  Inserting an effective date of July 1, 2012.

 

     As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 2748, S.D. 1, H.D. 1, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 2748, S.D. 1, H.D. 1, C.D. 1.

 


Respectfully submitted on behalf of the managers:

 

ON THE PART OF THE HOUSE

 

ON THE PART OF THE SENATE

 

____________________________

KARL RHOADS, Co-Chair

 

____________________________

ROSALYN H. BAKER, Chair

____________________________

RYAN I. YAMANE, Co-Chair

 

____________________________

CLAYTON HEE, Co-Chair

____________________________

SHARON E. HAR, Co-Chair

 

____________________________

WILL ESPERO, Co-Chair