STAND. COM. REP. NO. 2280

Honolulu, Hawaii

RE:    S.B. No. 2685

Honorable Colleen Hanabusa

President of the Senate

Twenty-Fifth State Legislature

Regular Session of 2010

State of Hawaii

Madam:

     Your Committee on Judiciary and Government Operations, 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:

     (1)  Reduce confusion regarding unclaimed property reporting requirements by requiring holders of unclaimed property to remit all property with their November 1 report and to remit no later than May 1;

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

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

     Testimony in support of the measure was submitted by one state agency.  Written testimony presented to your Committee may be reviewed on the Legislature's website.

     Your Committee finds that the proposed revision to the reporting requirements will make Hawaii's law similar to all other states by requiring the reporting and remittance of all property at the same time, by November 1, thereby reducing confusion on the part of many companies.  Your Committee understands that this change would be consistent with what many companies are already doing.  Other amendments make changes that are intended to allow staff sufficient time to review claims and to make a technical correction within chapter 560, Hawaii Revised Statutes, to make it consistent with chapter 523A, Hawaii Revised Statutes.

     As affirmed by the record of votes of the members of your Committee on Judiciary and Government Operations that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2685 and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Judiciary and Government Operations,

____________________________

BRIAN T. TANIGUCHI, Chair