STAND. COM. REP. NO. 2632

Honolulu, Hawaii

RE:    S.B. No. 2619

       S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 2619, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"

begs leave to report as follows:

     The purpose and intent of this measure is to improve the management and oversight of unclaimed property.

     More specifically, the measure requires a holder of unclaimed property to provide:

     (1)  A statement in its report to the Director of Finance that the holder has complied with certain requirements, including providing notice to the apparent owner of the unclaimed property; and

     (2)  Notice to the apparent owner of the unclaimed property valued at $50 or more via mail, electronic mail, or telephone, no more than six months prior to the holder submitting the report to the Director of Finance.

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

     Your Committee received written comments on this measure from the Hawaii Bankers Association.

     Your Committee finds that establishing standardized procedures for contacting the apparent owners of unclaimed property, prior to the property escheating to the State, would benefit both consumers and holders of unclaimed property.

     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. 2619, S.D. 1, and recommends that it pass Third Reading.

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

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JILL N. TOKUDA, Chair