STAND. COM. REP. NO.  1587-12

Honolulu, Hawaii

                , 2012

RE:   S.B. No. 2748

      S.D. 1

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2748, S.D. 1, H.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this measure is to:

(1)  Require holders of unclaimed property not held in a safekeeping depository to pay or deliver all property to the Director of Finance upon filing their report to the Director of Finance;

(2)  Specify a maximum fee professional unclaimed property locators may charge;

(3)  Allow an owner the right to assert that an agreement is invalid on grounds other than excessive or unjust compensation and allow the court to award reasonable attorney's fees to an owner who prevails in such an action; and

(4)  Specify that payments of undistributed proceeds or balances that a person is legally entitled to as an heir or devisee of a decedent be paid out of the Unclaimed Property Trust Fund.

The Department of Budget and Finance testified in support of this measure.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2748, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

MARCUS R. OSHIRO, Chair