Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1161 entitled:

begs leave to report as follows:

The purpose of this measure is to raise the minimum value for abandoned and seized property from $100 up to $1,000 before formal public notice and sale requirements would be imposed.

The current notice and sale requirements are expensive and often cost more than the auction of the property earns for the State. This means that the formal notice and auction procedures result in a net loss for the State. Increasing the minimum value of the property to $1,000 before these requirements have to be imposed would ensure that the process is more cost-effective for the State.

Your Committee has amended this bill by making technical, nonsubstantive amendments.

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. 1161, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1161, S.D. 1.