Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2005

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 1413 entitled:

begs leave to report as follows:

The purpose of this bill is to increase the opportunities of native Hawaiian lessees of Hawaiian home lands to mortgage their leasehold interest by allowing lending institutions to make mortgage loans on Hawaiian home lands that are insured or guaranteed by private mortgage insurance acceptable to the Hawaiian Homes Commission.

The Representative of the Forty-Forth District, the Department of Hawaiian Home Lands, and American Savings Bank supported this measure.

It is the intent of your Committee that as many lending institutions that wish to participate in the new opportunity granted by this legislation are able to do so. Your Committee wishes to note that this bill is in no way intended to benefit any single or small group of lenders.

Your Committee has amended this measure by:

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1413, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1413, H.D. 1.