STAND. COM. REP. NO. 2904
Honolulu, Hawaii
RE: S.B. No. 2143
S.D. 2
Honorable Robert Bunda
President of the Senate
Twenty-Third State Legislature
Regular Session of 2006
State of Hawaii
Sir:
Your Committee on Ways and Means, to which was referred S.B. No. 2143, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO MONEY TRANSMITTERS,"
begs leave to report as follows:
The purpose of this measure is to regulate the money transmitter industry in Hawaii.
"Money transmission" means to engage in the business of selling or issuing payment instruments or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile, or electronic transfer. Money transmission does not apply to courier services.
Your Committee finds that the regulation of money transmitters is necessary to prevent:
(1) The laundering of profits of illegal activities such as drug distribution, gambling, and prostitution;
(2) Consumer losses from fraud and unsound business practices related to wiring money to a location outside the State; and
(3) Illegal activities related to terrorism that utilize money transmission.
Your Committee finds that the regulation of money transmitters will establish consumer trust, ensure the integrity and fiscal soundness of the industry, and establish standards and criteria to ensure the proper conduct of money transmitters.
Your Committee has amended the bill by:
(1) Clarifying on page 13, line 13, that the activities referred to in the bill relate to business activities; and
(2) Making technical nonsubstantive amendments for purposes of clarity and 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 S.B. No. 2143, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2143, 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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