STAND. COM. REP. NO. 1608
Honolulu, Hawaii
, 2005
RE: H.B. No. 769
H.D. 3
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2005
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred H.B. No. 769, H.D. 3, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"
begs leave to report as follows:
The purpose of this measure is to exempt electric utility cooperative associations (cooperative association) from the unclaimed property law.
This measure also:
(1) Requires the cooperative association to submit an annual unclaimed property report to the Director of Finance;
(2) Ensures that the cooperative association remains responsible for payment of all future claims on the reported property; and
(3) Ensures that the unclaimed property is used for energy assistance programs, other charitable or educational purposes, or for the benefit of the general membership of the cooperative.
Your Committee has amended this measure by changing the effective date to July 1, 2050, to promote further discussion of the merits and by making a technical nonsubstantive amendment for the purpose of style.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 769, H.D. 3, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 769, H.D. 3, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
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____________________________ BRIAN T. TANIGUCHI, Chair |
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