STAND. COM. REP. NO. 533

Honolulu, Hawaii

RE:    S.B. No. 941

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2017

State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B. No. 941 entitled:

"A BILL FOR AN ACT RELATING TO ELECTRONIC FUNDS TRANSFERS,"

begs leave to report as follows:

     The purpose and intent of this measure is to clarify that Automated Clearing House transactions that debit the State's bank account may be considered electronic funds transfers if authorized by the Director of Finance.  

     Your Committee received testimony in support of this measure from the Department of Budget and Finance.

     Your Committee finds that specifically including Automated Clearing House transactions as electronic funds transfers for the purposes of debiting state treasury bank accounts in financial institutions will increase the efficiency of state agencies in making bank deposits.

     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. 941 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,

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JILL N. TOKUDA, Chair