Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2004

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred H.C.R. No. 90, H.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to authorize a sunrise review of the regulation of money transmitters.

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

Your Committee finds that two measures introduced this session, H.B. No. 2428 and S.B. No. 2903, S.D. 2, H.D. 1, propose to regulate money transmitters. The Hawaii Regulatory Licensing Act requires that measures that propose to establish the regulation of an unregulated profession or vocation first be referred to the Auditor for an analysis, commonly known as a "sunrise review". The purpose of the analysis is to examine the probable effects of regulation and to assess whether regulation is consistent with the State's regulatory policies. This measure authorizes the mandatory sunrise review.

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 concurs with the intent and purpose of H.C.R. No. 90, H.D. 1, and recommends its adoption.