Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 1172 entitled:

begs leave to report as follows:

The purpose of this bill is to exclude banks, savings institutions, and trust companies from our State's securities dealer registration requirements by amending the definition of "dealer" in the Uniform Securities Act to exclude these entities.

Testimony in support of this bill was submitted by the Department of Commerce and Consumer Affairs and Hawaii Bankers Association.

Your Committee finds that this bill will increase uniformity between Hawaii's securities law and that of the federal government and the majority of other states. This bill will create the same regulatory expectations regarding dealer registration for banks, savings institutions, and trust companies that currently exist throughout most of the country.

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. 1172 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.