Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Conference on the disagreeing vote of the Senate to the amendments proposed by the House of Representatives in S.B. No. 1060, S.D. 1, H.D. 2, entitled:

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

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

This measure establishes the 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, authorizes additional fees, and allows escrow moneys to be held in sweep accounts, subject to certain requirements.

Your Committee has amended this measure by making technical amendments for clarification.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of S.B. No. 1060, S.D. 1, H.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as S.B. No. 1060, S.D. 1, H.D. 2, C.D. 1.