STAND

STAND. COM. REP. NO.661-02

Honolulu, Hawaii

, 2002

RE: H.B. No. 2466

H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2466 entitled:

"A BILL FOR AN ACT RELATING TO REAL ESTATE,"

begs leave to report as follows:

The purpose of this bill is to:

(1) Amend real estate licensing requirements to:

(A) Allow reciprocity agreements with other jurisdictions;

(B) Recognize out-of-state licenses and real estate licensing experience under specified conditions for purposes of eligibility for the broker's examination; and

(2) Remove regulatory authority over limited-equity housing cooperatives that duplicates regulation under federal law by repealing the Commissioner's administrative authority regarding arbitration of disputes;

(3) Allow principal brokers to delegate responsibility for management of a brokerage firm and provide for accountability according to the principal broker's written policies and procedures; and

(4) Streamline regulation of condominium managing agents who are active real estate brokers by removing duplicative fidelity bond and registration requirements.

The Department of Commerce and Consumer Affairs and the Hawaii Association of Realtors testified in support of this measure.

Your Committee has amended this measure by making technical, nonsubstantive amendments for purposes of clarity, conformity, and style.

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. 2466, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 2466, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Finance,

		____________________________ DWIGHT Y. TAKAMINE, Chair