STAND. COM. REP. NO. 2236

Honolulu, Hawaii

RE:    S.B. No. 2748

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committees on Commerce and Consumer Protection and Judiciary and Labor, to which was referred S.B. No. 2748 entitled:

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

beg leave to report as follows:

     The purpose and intent of this measure is to:

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

     (2)  Specify the percentage professional locators are allowed to charge for their services; and

     (3)  Correct a reference to the unclaimed property trust fund.

     Your Committees received testimony in support of this measure from the Department of Budget and Finance.

     Your Committees find that this measure will make Hawaii's law consistent with other states' laws by requiring the reporting and remittance of all unclaimed property at the same time.  This measure also proposes to establish a maximum ten percent fee structure for professional unclaimed property locators and clarify a reference to the unclaimed property trust fund.

     As affirmed by the records of votes of the members of your Committees on Commerce and Consumer Protection and Judiciary and Labor that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 2748 and recommend that it pass Second Reading and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committees on Commerce and Consumer Protection and Judiciary and Labor,

____________________________ CLAYTON HEE, Chair

____________________________ ROSALYN H. BAKER, Chair