STAND. COM. REP. NO.  1409

Honolulu, Hawaii

                , 2013

RE:   S.B. No. 511

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 511 entitled:

"A BILL FOR AN ACT RELATING TO UNIFORM COMMERCIAL CODE ARTICLE 4A,"

begs leave to report as follows:

The purpose of this measure is to clarify the relationship between Uniform Commercial Code (UCC) Article 4A and the federal Electronic Fund Transfer Act, as it relates to UCC Article 4A's applicability to remittance transfers under the federal law.

The Department of Commerce and Consumer Affairs, Commission to Promote Uniform Legislation, and Hawaii Financial Services Association supported 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. 511 and recommends that it pass Third Reading.

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

____________________________

SYLVIA LUKE, Chair