STAND. COM. REP. NO. 2187

Honolulu, Hawaii

RE:    S.B. No. 2808

       S.D. 1

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. 2808 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 reduce the maximum fee that a non-attorney may receive when entering into an agreement to locate unclaimed property from 25 per cent to 10 per cent of the total value of the property.

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

     Your Committee finds that lowering the maximum fee for non-attorneys, who do not provide legal services, from 25 per cent to 10 per cent of the total value of the property is reasonable and protects the interests of the owners or claimants.

     Your Committee has amended this measure by:

     (1)  Requiring that any person who enters into an agreement with an owner or claimant to locate, deliver, recover, or assist in the recovery of property notify the owner or claimant in writing, prior to entering into an agreement, that the State does not impose a fee to file for unclaimed property; and

     (2)  Making technical nonsubstantive amendments for the purposes of style and clarity.

     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. 2808, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2808, S.D. 1, 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