STAND. COM. REP. NO.825-02
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 Consumer Protection and Commerce, to which was referred S.B. No. 2724, S.D. 2, entitled:
"A BILL FOR AN ACT RELATING TO REAL ESTATE,"
begs leave to report as follows:
The purpose of this measure is to streamline real estate regulatory requirements by:
(1) Authorizing reciprocity agreements with other states to reduce regulatory requirements for out-of-state licensees who have met licensing requirements equivalent to those of Hawaii;
(2) Repealing duplicative Real Estate Commission (Commission) regulation of limited-equity housing cooperatives, which are already regulated under other state, county, and federal laws;
(3) Allowing principal brokers to delegate management and supervisory duties to brokers-in-charge while retaining accountability for performance of these duties; and
(4) Repealing duplicative fidelity bond requirements for condominium managing agents who are active, licensed real estate brokers in good standing.
The Hawaii Association of Realtors testified in support of this measure. The Commission supported the measure and suggested an amendment.
Your Committee finds that this bill is a continuation of the government's Slice, Waste and Tape (SWAT) Project to reduce regulatory burdens on businesses, the general public, and state government. Your Committee supports the SWAT initiative, but has concerns regarding the potential negative impact reciprocity agreements may have on the local real estate industry.
Your Committee has amended this measure by:
(1) Eliminating the Commission's authority to enter into reciprocity agreements and all related provisions; and
(2) Making technical, nonsubstantive amendments for purposes of clarity, consistency, and style.
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 concurs with the intent and purpose of S.B. No. 2724, S.D. 2, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2724, S.D. 2, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,
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____________________________ KENNETH T. HIRAKI, Chair |
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