STAND. COM. REP. NO.  1955

Honolulu, Hawaii

                , 2007

RE:   H.C.R. No. 112

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fourth State Legislature

Regular Session of 2007

State of Hawaii

Sir:

     Your Committee on Consumer Protection & Commerce, to which was referred H.C.R. No. 112 entitled:

"HOUSE CONCURRENT RESOLUTION REQUESTING THE DIRECTOR OF COMMERCE AND CONSUMER AFFAIRS TO REQUIRE CEMETERY AUTHORITIES TO DISTRIBUTE SUMMARIES OF THEIR AUDITED FINANCIAL STATEMENTS TO THEIR PURCHASERS,"

begs leave to report as follows:

     The purpose of this concurrent resolution is to request the Director of Commerce and Consumer Affairs to adopt rules requiring cemetery authorities to distribute summaries of their audited financial statements to their purchasers.

     For purposes of the public hearing on this measure, your Committee circulated a proposed H.D. 1 and notified the public that your Committee would be accepting testimony on the proposed H.D. 1 only.

The proposed H.D. 1, entitled "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," requests a review of other states' escrow depository regulations to provide a comparative basis for analyzing Hawaii's escrow depository requirements.

     The Department of Commerce and Consumer Affairs and Integrity Escrow and Title submitted comments on the proposed H.D. 1.

     Your Committee has amended this measure by replacing its entire contents with the proposed H.D. 1.  Technical, nonsubstantive amendments were also made for clarity and style.

     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 concurs with the intent and purpose of H.C.R. No. 112, as amended herein, and recommends its adoption in the form attached hereto as H.C.R. No. 112, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,

____________________________

ROBERT N. HERKES, Chair