Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Third State Legislature

Regular Session of 2006

State of Hawaii

Sir:

Your Committee on Consumer Protection & Commerce, to which was referred S.B. No. 2224 entitled:

begs leave to report as follows:

The purpose of this bill is to conform Hawaii's credit sales law to practice in the motor vehicle sales industry by amending the definition of "principal balance" to clarify that negative equity, such as a security interest, lien, or lease interest on property traded in, may be financed as part of a motor vehicle retail installment sales contract.

No testimony was received for this bill.

As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2224 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.