STAND. COM. REP. NO. 791-18

Honolulu, Hawaii

, 2018

RE: H.B. No. 2345

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 2345, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO MONEY TRANSMITTERS,"

begs leave to report as follows:

The purpose of this measure is to enhance consumer protection by clarifying the Commissioner of Financial Institutions' powers regarding the ability to regulate the money transmission industry and administer and enforce the Money Transmitters Act. This measure also amends bond provisions for consistency with other terms used to avoid confusion.

The Division of Financial Institutions of the Department of Commerce and Consumer Affairs testified in support of this measure.

As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2345, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair