STAND. COM. REP. NO. 2443

Honolulu, Hawaii

RE:    S.B. No. 2685

       S.D. 1

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 2685 entitled:

"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"

begs leave to report as follows:

The purpose of this measure is to streamline the operations of the State in the disposition of unclaimed property.

More specifically, this measure:

(1)  Requires holders of unclaimed property to remit all property with their November 1 report;

(2)  Deletes reference to a specific number of days in which claims must be acted upon; and

(3)  Makes a technical correction to a reference to the unclaimed property trust fund.

     Your Committee finds that this measure will provide for more efficient processing of claims and bring Hawaii's laws into conformity with general practice elsewhere.

     Your Committee has amended this measure by:

(1)  Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(2)  Making technical nonsubstantive amendments for the purposes of clarity and style.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2685, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 2685, S.D. 1.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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DONNA MERCADO KIM, Chair