STAND. COM. REP. NO. 2434

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 2785
                                        S.D. 1




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 2785 entitled: 

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

begs leave to report as follows:

     The purpose of this bill is to establish a trust fund for
the payment of claims and the deposit of proceeds relating to
unclaimed property.

     Furthermore, this measure imposes a ceiling on the fund and
transfers the excess balances to the general fund.

     Your Committee finds that at present the general fund is
used for deposit of proceeds and the payment of claims relating
to abandoned property.  Your Committee finds that utilization of
a trust fund will allow the Director of Finance to implement the
unclaimed property law in a more efficient and prompt manner for
the benefit of claimants.

     Your Committee has amended this measure by changing the
effective date to July 1, 2000.

     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.

 
a                                                     SB2785 SD1
 
 
 
                                   STAND. COM. REP. NO. 2434
                                   Page 2


2785, as amended herein, and recommends that it pass Second
Reading in the form attached hereto as S.B. No. 2785, S.D. 1, and
be placed on the calendar for Third Reading.

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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                     SB2785 SD1