Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 2724, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to streamline regulatory requirements for out-of-state real estate licensees who have previously met equivalent pre-licensing requirements.

The bill also reduces regulatory requirements for limited-equity housing cooperatives and streamlines regulatory requirements for condominium managing agents.

Your Committee finds that this bill is a continuation of efforts in the SWAT (Slice, Waste and Tape) Project to repeal and reduce regulatory burdens on businesses, the general public, and state government.

Specifically, this bill proposes to:

Your Committee finds that these changes will reduce government red tape and allow the Commission and its staff to concentrate their attention and resources on more substantive matters that affect real estate brokers and salespersons.

Your Committee has amended the bill by changing the effective date to July 1, 2002 to coincide with arbitration provisions referred to in the bill that take effect on that date, and by making technical changes that have no substantive effect.

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. 2724, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2724, S.D. 2.