STAND. COM. REP. NO.151-02

Honolulu, Hawaii

, 2002

RE: H.B. No. 2466

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, 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

(C) Recognize continuing education courses completed by out-of-state licensees;

(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.

Testimony in support of this administration measure was received from the Real Estate Commission and the Hawaii Association of Realtors.

Your Committee finds that the Real Estate Commission has been working closely with realtors to reduce burdensome regulations inspired by the "Slice Waste and Tape" (SWAT) project. This bill is an example of the initiative taken by the government to repeal and reduce regulatory burdens on businesses.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2466 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

 

____________________________

KENNETH T. HIRAKI, Chair