CONFERENCE COMMITTEE REP. NO. 89-16

 

Honolulu, Hawaii

                 , 2016

 

RE:    S.B. No. 2849

       S.D. 1

       H.D. 1

       C.D. 1

 

 

 

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2016

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. 2849, S.D. 1, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO ESCROW DEPOSITORIES,"

 

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 clarify the State's escrow depositories law by:  adding definitions; authorizing the Commissioner of Financial Institutions to use NMLS for its escrow depositories program; adding criminal history record check and disclosure requirements to licensure and change in control applications; updating the escrow depository license renewal date for consistency with NMLS; clarifying sale or transfer of license or change in control requirements; and updating certain fees.

 

     Your Committee on Conference finds that this measure streamlines the escrow depository licensing process by authorizing the Commissioner of Financial Institutions to use NMLS, a nationwide online licensing and registration system for state-licensed providers of financial services.  This measure also requires litigation disclosure and criminal history record checks for initial escrow depository license applicants, which will enhance protection of consumer funds and transactions involving escrow depositories, and makes other amendments to the escrow depositories law for clarity and to support licensee compliance.

 

     Your Committee on Conference has amended this measure by:

 

     (1)  Changing its effective date to upon its approval; and

 

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity and consistency.

 

     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. 2849, 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. 2849, 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

 

____________________________

ANGUS L.K. MCKELVEY, Co-Chair

 

___________________________________

ROSALYN H. BAKER, Chair

____________________________

KARL RHOADS, Co-Chair

 

___________________________________

GILBERT S.C. KEITH-AGARAN, Co-Chair

____________________________

SCOTT Y. NISHIMOTO, Co-Chair

 

___________________________________

GIL RIVIERE, Co-Chair