STAND. COM. REP. NO. 641
Honolulu, Hawaii
, 2013
RE: H.B. No. 998
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Seventh State Legislature
Regular Session of 2013
State of Hawaii
Sir:
Your Committees on Consumer Protection & Commerce and Judiciary, to which was referred H.B. No. 998 entitled:
"A BILL FOR AN ACT RELATING TO PRIVATE TRANSFER FEES,"
beg leave to report as follows:
Testimony in support of this measure was submitted by the Hawaii Association of Realtors.
Act 169, Session Laws of Hawaii 2010, provided a temporary prohibition on the inclusion in a deed of a restriction or other covenant running with the land that requires a transferee of real property to pay a fee in connection with a future transfer of the property. Prior to this Act, there was no state regulation of the imposition, application, or limitation of private transfer fees for future property transfers and, therefore, no oversight or accountability with respect to recipients of the fees. Your Committees note that presently thirty-six states have either banned or placed conditions on the use of private transfer fees. Your Committees find that, if left unregulated, private transfer fees for future property transfers may be misused or may create significant financial barriers to homeownership for real property buyers. Accordingly, your Committees believe the prohibition on private transfer fees should be made permanent.
As affirmed by the records of votes of the members of your Committees on Consumer Protection & Commerce and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of H.B. No. 998 and recommend that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committees on Consumer Protection & Commerce and Judiciary,
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____________________________ KARL RHOADS, Chair |
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____________________________ ANGUS L.K. McKELVEY, Chair |
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