Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1411 entitled:

begs leave to report as follows:

The purpose of this bill is to authorize the Secondary Market Service Corp.--Hawaii to be established and operated exclusively for the purpose of acquiring student loan notes under the Federal Higher Education Act of 1965, as amended.

The University of Hawaii, Hawaii USA Federal Credit Union, USA Group Secondary Market Services-Hawaii, American Savings Bank, and Pacific Financial Aid Association testified in support of this measure.

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. 1411 and recommends that it pass Third Reading.