STAND. COM. REP. NO.  1572

Honolulu, Hawaii

                , 2009

RE:   S.B. No. 35

      S.D. 1

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Judiciary, to which was referred S.B. No. 35, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO MORTGAGES,"

begs leave to report as follows:

     The purpose of this bill is to exempt:

     (1)  Certified public accountants (CPAs) licensed and regulated under Chapter 466, Hawaii Revised Statutes (HRS);

     (2)  Persons holding a permit to practice public accountancy in Hawaii; and

     (3)  Out-of-state CPAs operating under a temporary permit issued by the Board of Accountancy pursuant to Chapter 466, HRS,

from the requirements of the Mortgage Rescue Fraud Prevention Act, Chapter 480E, HRS.

     The Department of Commerce and Consumer Affairs, Office of Hawaiian Affairs, and a concerned individual testified in support of this bill.  The Hawaii Bankers Association and Legal Aid Society of Hawaii provided comments.

     Your Committee has amended this bill by:

     (1)  Changing its effective date to January 1, 2046, to encourage further discussion; and

     (2)  Making a technical, nonsubstantive amendment for clarity and style.

     As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 35, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 35, S.D. 1, H.D. 1.

Respectfully submitted on behalf of the members of the Committee on Judiciary,

____________________________

JON RIKI KARAMATSU, Chair