STAND. COM. REP. NO. 1225

Honolulu, Hawaii

RE:    H.B. No. 1336

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Madam:

     Your Committee on Commerce, Consumer Protection, and Affordable Housing, to which was referred H.B. No. 1336 entitled:

"A BILL FOR AN ACT RELATING TO SANCTIONS FOR VIOLATIONS BY MORTGAGE BROKERS AND SOLICITORS COMMITTED AGAINST ELDERS,"

begs leave to report as follows:

     The purpose of this measure is to provide additional sanctions for violations by mortgage brokers and solicitors against elders.

     Your Committee received testimony in support of this measure from the Regulated Industries Complaints Office of the Department of Commerce and Consumer Affairs. 

     Your Committee finds that the Department of Commerce and Consumer Affairs has received numerous complaints against mortgage brokers for conduct harmful to elderly customers.  There is concern that if left undeterred, this conduct will increase.  The intent of this measure is to authorize sanctions for mortgage brokers and solicitors who violate chapter 454 or 436B, Hawaii Revised Statutes, when the violations include conduct that is directed towards, targets, or is committed against elders.  Such a violation would result in a fine of up to $10,000 for each violation that would be in addition to any other fine or penalty.

     As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Affordable Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1336, and recommends that it pass Second Reading and be referred to the Committee on Judiciary and Labor.

Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection, and Affordable Housing,

____________________________

BRIAN T. TANIGUCHI, Chair