STAND. COM. REP. NO. 508

Honolulu, Hawaii

, 2019

RE: H.B. No. 1163

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Intrastate Commerce, to which was referred H.B. No. 1163 entitled:

"A BILL FOR AN ACT RELATING TO SAVINGS PROMOTION CONTESTS,"

begs leave to report as follows:

The purpose of this measure is to authorize financial institutions that are depository institutions to conduct savings promotion contests in which their account holders are contestants.

Hawaii State Federal Credit Union, Hawaii Credit Union League, and an individual testified in support of this measure. The Department of Commerce and Consumer Affairs provided comments.

Your Committee has amended this measure by:

(1) Changing its effective date to July 1, 3000; and

(2) Making technical, nonsubstantive amendments for clarity, consistency, and style.

As affirmed by the record of votes of the members of your Committee on Intrastate Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1163, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 1163, H.D. 1, and be referred to your Committee on Finance.

Respectfully submitted on behalf of the members of the Committee on Intrastate Commerce,

____________________________

TAKASHI OHNO, Chair