STAND. COM. REP. NO. 292

Honolulu, Hawaii

RE:    S.B. No. 1422

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 S.B. No. 1422 entitled:

"A BILL FOR AN ACT RELATING 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 Complaint Office of the Department of Commerce and Consumer Affairs and the Department of the Attorney General. 

     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. 

     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 S.B. No. 1422 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