STAND. COM. REP. NO.1234-02

Honolulu, Hawaii

, 2002

RE: S.B. No. 2724

S.D. 2

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 S.B. No. 2724, S.D. 2, H.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this bill is to update and streamline real estate regulatory procedures and requirements by:

(1) Repealing Real Estate Commission (Commission) regulations relating to limited-equity housing cooperatives that are duplicative of other federal, state, or county regulations;

(2) Authorizing principal brokers (PB) to delegate management and supervisory duties to brokers-in-charge, subject to:

(A) The PB's written policies and procedures; and

(B) Responsibility of the PB for educational, enforcement, and record keeping requirements related to implementation of the policies and procedures;

and

(3) Repealing the registration and fidelity bond requirements of a condominium managing agent who is an active real estate broker in compliance with condominium licensure requirements; and

(4) Repealing the requirement that the rules adopted by the Commission be used in the arbitration of disputes.

The Hawaii Association of Realtors supported the bill. The Commission, Professional and Vocational Licensing Division, and Department of Commerce and Consumer Affairs commented on the measure.

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 S.B. No. 2724, S.D. 2, H.D. 1, and recommends that it pass Third Reading.

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

 

____________________________

DWIGHT Y. TAKAMINE, Chair