STAND. COM. REP. NO. 597

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  S.B. No. 1326
                                        




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 1326 entitled: 

     "A BILL FOR AN ACT RELATING TO LENDER EXEMPTIONS,"

begs leave to report as follows:

     The purpose of this bill is to repeal certain filing and fee
requirements for foreign lenders.

     This measure simplifies the process that foreign lenders may
take to operate in the State by repealing the requirement that
they file and annually renew a statement with the Commissioner of
Financial Institutions along with repealing related fees.  This
measure also exempts foreign lenders from the requirements of the
mortgage brokers and solicitors law and the real estate
collection servicing agents law.  

     Your Committee finds that providing these specific
exemptions to foreign lenders will encourage and facilitate the
lending of money from sources outside the State, thereby helping
to increase the supply of available capital in this State.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your
Committee is in accord with the intent and purpose of S.B. No.
1326 and recommends that it pass Third Reading.

 
a                                                          SB1326
 
 
 
                                   STAND. COM. REP. NO. 597
                                   Page 2


                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                          SB1326