STAND. COM. REP. NO. 556-16
Honolulu, Hawaii
, 2016
RE: H.B. No. 2704
H.D. 2
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Eighth State Legislature
Regular Session of 2016
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 2704, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO CROWDFUNDING,"
begs leave to report as follows:
Your Committee has amended this measure by:
(1) Amending the maximum dollar amount allowed for an exempted transaction to simply not exceed $1,000,000, rather than calculating the allowable amount as $1,000,000 less a specified aggregate sum;
(2) Delaying implementation of the exemption until January 1, 2018, to allow for necessary rule making;
(3) Changing the effective date to July 1, 2112, to encourage further discussion; and
(4) Making technical nonsubstantive amendments for the purpose of style, clarity, and consistency.
As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2704, H.D. 1, as amended herein, and recommends that it be referred to your Committee on Finance in the form attached hereto as H.B. No. 2704, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ANGUS L.K. McKELVEY, Chair |
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