STAND. COM. REP. NO. 2274

Honolulu, Hawaii

RE: S.B. No. 2772

S.D. 1

Honorable Ronald D. Kouchi

President of the Senate

Twenty-Ninth State Legislature

Regular Session of 2018

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection, and Health, to which was referred S.B. No. 2772 entitled:

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

begs leave to report as follows:

The purpose and intent of this measure is to clarify:

(1) Bond requirements for money transmitter licensees; and

(2) The powers of the Commissioner of Financial Institutions relating to money transmitters.

Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.

Your Committee finds that this measure clarifies the powers of the Commissioner of Financial Institutions and amends bond provisions for consistency with terms used in the Money Transmitters Act. This measure also enhances the Commissioner of Financial Institutions' ability to take appropriate action against violators of the State's money transmitters law, deter noncompliance, and protect consumers.

Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection, and Health that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2772, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2772, S.D. 1, and be referred to your Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection, and Health,

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ROSALYN H. BAKER, Chair