STAND. COM. REP. NO. 258

Honolulu, Hawaii

, 2019

RE: H.B. No. 763

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 Consumer Protection & Commerce, to which was referred H.B. No. 763 entitled:

"A BILL FOR AN ACT RELATING TO CONDOMINIUMS,"

begs leave to report as follows:

The purpose of this measure is to allow condominium associations to invest in government money market funds.

Hawaii Bankers Association, Hawaii Legislative Action Committee of the Community Associations Institute, Hawaii Council of Association of Apartment Owners, and two individuals testified in support of this measure.

Your Committee has amended this measure by:

(1) Changing its effective date to July 1, 2050, to promote further discussion; 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 Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 763, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 763, H.D. 1, and be referred to your Committee on Finance.

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

____________________________

ROY M. TAKUMI, Chair