STAND. COM. REP. NO. 781

Honolulu, Hawaii

RE:    S.B. No. 511

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

Madam:

     Your Committee on Ways and Means, 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 and intent of this measure is to clarify the relationship between article 4A of the Uniform Commercial Code and the federal Electronic Fund Transfer Act.

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

     Your Committee finds that recent amendments to the federal Electronic Fund Transfer Act do not address the rights and responsibilities of parties to certain consumer international wire transfers known as remittance transfers.  This measure will clarify the circumstances in which Article 4A of the Uniform Commercial Code and the Electronic Fund Transfer Act, respectively, will apply to remittance transfers.

     As affirmed by the record of votes of the members of your Committee on Ways and Means 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 Ways and Means,

____________________________

DAVID Y. IGE, Chair