STAND. COM. REP. NO. 2471

Honolulu, Hawaii

RE:    S.B. No. 2807

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred S.B. No. 2807 entitled:

"A BILL FOR AN ACT RELATING TO THE UNCLAIMED PROPERTY TRUST FUND,"

begs leave to report as follows:

     The purpose and intent of this measure is to increase the balance remaining in the unclaimed property trust fund at the end of each fiscal year from $1,300,000 to $4,000,000 to adequately pay claims and administrative expenses.

     The Department of Budget and Finance submitted testimony in support of the measure.

     Your Committee finds that the substantial increase in claims of unclaimed property prompts the need to increase the unclaimed property trust fund balance at the end of each fiscal year to meet the demands of viable claims.

     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. 2807 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair