Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Higher Education, to which was referred H.C.R. No. 14 entitled:

begs leave to report as follows:

The purpose of this concurrent resolution is to request the University of Hawaii (UH) Board of Regents and the governing bodies of all accredited colleges and universities in the State to adopt policies regulating on-campus marketing of credit cards to students.

UH submitted testimony in support of the intent of this measure.

Your Committee finds that many students are incurring large amounts of credit card debt while in school. With little experience in managing their finances, many college students use credit cards without regard for the effect that such high-interest debt can cause to their credit rating and economic future. Credit card companies take advantage of this situation by marketing their products on campus to students who will likely end up owing significant amounts of money. This measure seeks to reduce this type of predatory marketing.

As affirmed by the record of votes of the members of your Committee on Higher Education that is attached to this report, your Committee concurs with the intent and purpose of H.C.R. No. 14 and recommends that it be referred to the Committee on Consumer Protection and Commerce.