STAND. COM. REP. NO.  787

Honolulu, Hawaii

                , 2015

RE:   H.B. No. 1482

      H.D. 2

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2015

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1482, H.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO CROWDFUNDING,"

begs leave to report as follows:

The purpose of this measure is to allow local investors to provide investment funds to small businesses in Hawaii via equity crowdfunding through third party internet portals by establishing an instrastate crowdfunding exemption from State securities registration.

The National Federation of Independent Business, Hawaii Tech Exchange, and several concerned individuals supported this measure.  The Department of Commerce and Consumer Affairs and Chamber of Commerce Hawaii provided comments.

     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 H.B. No. 1482, H.D. 2, and recommends that it pass Third Reading.

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

____________________________

SYLVIA LUKE, Chair