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. 2728, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this bill is to clarify the escrow depositories law by removing a redundant provision in the procedures pertaining to voluntary termination of escrow depository operations.

Testimony in support of this measure was received from the Department of Commerce and Consumer Affairs.

Your Committee finds that when the procedures for voluntary termination of escrow depository operations were enacted in Act 184, Session Laws of Hawaii 2001, provisions pertaining to a contact person to answer questions and provide documents concerning closed accounts was inserted twice in the law. This bill corrects the redundancy by combining the two provisions into one.

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 S.B. No. 2728, S.D. 1, and recommends that it pass Second Reading and be placed on the calendar for Third Reading.