STAND. COM. REP. NO.  684

 

Honolulu, Hawaii

                , 2023

 

RE:   H.B. No. 525

      H.D. 2

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2023

State of Hawaii

 

Sir:

 

     Your Committee on Judiciary & Hawaiian Affairs, to which was referred H.B. No. 525, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO THE UNIFORM COMMERCIAL CODE,"

 

begs leave to report as follows:

 

     The purpose of this measure is to implement the 2022 amendments to the Uniform Commercial Code proposed by the Uniform Law Commission.

 

     Your Committee received testimony in support of this measure from the Commission to Promote Uniform Legislation.

 

     Your Committee finds that the Uniform Commercial Code provides commercial law rules for broad categories of transactions, such as the sale or lease of goods, negotiable instruments, bank deposits and collection, investment properties, and more.  The adoption of the Uniform Commercial Code in every state allowed the development of strong interstate markets.  This measure will ensure the integrity of commerce conducting in the State by implementing an updated Uniform Commercial Code.

 

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary & Hawaiian Affairs that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 525, H.D. 1, as amended herein, and recommends that it be referred to your Committee on Finance in the form attached hereto as H.B. No. 525, H.D. 2.

 

 

Respectfully submitted on behalf of the members of the Committee on Judiciary & Hawaiian Affairs,

 

 

 

 

____________________________

DAVID A. TARNAS, Chair