Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred H.B. No. 584, H.D. 2, entitled:

begs leave to report as follows:

The purpose of this measure is to clarify the requirements for escrow depositories relating to confidentiality of records, branch closings, termination of operations, and fees.

The Commissioner of Financial Institutions testified in favor of and the Office of Information Practices submitted comments on this measure.

This measure establishes statutory authority for administrative rules governing the confidentiality of escrow depository records and voluntary termination procedures by codifying requirements currently set forth in the rules. Additionally, this measure establishes specific procedures for branch closings, and authorizes examination fees and fee changes by rule.

Your Committee has amended this measure by replacing its contents with the language of a similar measure, S.B. No. 1060, S.D. 1. As amended, this measure:

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 584, H.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 584, H.D. 2, S.D. 1, and be referred to the Committee on Ways and Means.