STAND. COM. REP. NO. 2068

Honolulu, Hawaii

RE:    S.B. No. 2759

       S.D. 1

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Commerce and Consumer Protection, to which was referred S.B. No. 2759 entitled:

"A BILL FOR AN ACT RELATING TO SECURITIES,"

begs leave to report as follows:

     The purpose and intent of this measure is to correct errors, ambiguities, and inconsistencies in the securities chapter of the Hawaii Revised Statutes.

     Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.

     Your Committee finds that recent amendments to the Uniform Securities Act, chapter 485A, Hawaii Revised Statutes, have resulted in errors, ambiguities, and inconsistencies.  This measure will promote consistency throughout the securities chapter by correcting language regarding notice filing and correct several drafting errors where internal references were wrongly cited.

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2759, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2759, S.D. 1, and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Commerce and Consumer Protection,

____________________________

ROSALYN H. BAKER, Chair