STAND. COM. REP. NO.589
Honolulu, Hawaii
, 2003
RE: S.B. No. 1325
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. 1325 entitled:
"A BILL FOR AN ACT RELATING TO THE UNIFORM SECURITIES ACT,"
begs leave to report as follows:
The purpose of this measure is to exclude banks, savings institutions, and trust companies from Hawaii's securities dealer's registration requirements and thus conforming state law to the federal Uniform Securities Act.
Testimony in support of this measure was submitted by the Department of Commerce and Consumer Affairs and the Hawaii Bankers Association.
Your Committee finds that providing alignment of state law with federal law promotes uniform understanding and enforcement of such provisions within the industry. Your Committee further finds that Hawaii is amongst only three states that have yet to adopt this alignment of regulatory structures.
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. 1325 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.
Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection and Housing,
____________________________ RON MENOR, Chair |
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