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HOUSE OF REPRESENTATIVES |
H.C.R. NO. |
112 |
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TWENTY-FOURTH LEGISLATURE, 2007 |
H.D. 1 |
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STATE OF HAWAII |
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HOUSE CONCURRENT
RESOLUTION
REQUESTING THE DIVISION OF FINANCIAL INSTITUTIONS OF THE DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS TO REVIEW CHAPTER 449, HAWAII REVISED STATUTES, RELATING TO ESCROW DEPOSITORIES.
WHEREAS, 11 escrow companies are registered and doing business in the State of Hawaii; and
WHEREAS, according to a report from the Bureau of Conveyances, more than 478,504 real estate closings were recorded in the state in fiscal year 2006-2007, with revenues over $124,000,000; and
WHEREAS, escrow companies play a significant and critical part in Hawaii's real estate and housing industry; and
WHEREAS, escrow companies vary in size from three to 150 employees and collectively generate more than $124,000,000 in revenue for the state, and therefore have varying financial capabilities; and
WHEREAS, it is important to the health of Hawaii's economy to ensure the well-being of Hawaii's small businesses and treat both small and large escrow companies in a fair and equitable manner; and
WHEREAS, the Division of Financial Institutions (DFI) of the Department of Commerce and Consumer Affairs (DCCA) possesses the requisite subject matter knowledge and expertise and has expressed an interest in revising chapter 449, Hawaii Revised Statutes, which regulates Hawaii's escrow depositories; now, therefore,
BE IT RESOLVED by the House of Representatives of the Twenty-fourth Legislature of the State of Hawaii, Regular Session of 2007, the Senate concurring, that DFI of DCCA is requested to review other states' escrow depository regulations to provide a comparative basis for analyzing Hawaii's escrow depository requirements under chapter 449, Hawaii Revised Statutes; and
BE IT FURTHER RESOLVED that DFI is urged to consult with both large and small escrow companies to determine the overall interests of the industry; and
BE IT FURTHER RESOLVED that DFI is requested to report its findings and recommendations, along with any proposed legislation, to the Legislature no later than 20 days prior to the convening of the 2008 Regular Session; and
BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to the Governor, the Director of Commerce and Consumer Affairs, and the Commissioner of Financial Institutions, who, in turn, is requested to transmit a copy of this Concurrent Resolution to the President or Executive Director of each escrow company doing business in the State of Hawaii.
Escrow depository requirements