STAND. COM. REP. NO.  756-14

Honolulu, Hawaii

                , 2014

RE:   H.B. No. 1715

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1715, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE INVESTOR EDUCATION PROGRAM,"

begs leave to report as follows:

The purpose of this measure is to support and protect Hawaii's kupuna by appropriating funds for the Office of the Securities Commissioner for educational outreach targeted at kupuna, based on a model similar to the Department of Commerce and Consumer Affair's existing Investor Education Programs, particularly in the areas of indexed annuities, life-settlement annuities, variable annuities, and Ponzi schemes.

The Department of Commerce and Consumer Affairs commented on 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 H.B. No. 1715, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

SYLVIA LUKE, Chair