Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 1319 entitled:

begs leave to report as follows:

The purpose of this measure is to update the laws governing limited partnerships in Hawaii.

The Department of Commerce and Consumer Affairs (DCCA) testified in support of this measure.

This measure replaces the Hawaii Uniform Limited Partnership Act, codified in chapter 425D, Hawaii Revised Statutes, with a version of the 2001 Uniform Limited Partnership Act that has been modified to conform to DCCA's filing procedures and practices, but that retains the current fee schedule. Your Committee finds that this measure will help to improve Hawaii's business climate by modernizing the limited partnership laws and making them more consistent with the laws of the other states.

Your Committee has amended this measure by making technical amendments for purposes of clarity and consistency, to reflect preferred drafting style, and to conform related statutory provisions.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1319, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1319, S.D. 1, and be placed on the calendar for Third Reading.