STAND. COM. REP. NO. 981

Honolulu, Hawaii

RE: S.B. No. 1325

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1325 entitled:

"A BILL FOR AN ACT RELATING TO CONDOMINIUMS,"

begs leave to report as follows:

The purpose and intent of this measure is to clarify that condominium associations may invest in government money market funds.

Your Committee received written comments in support of this measure from the Hawaii Bankers Association.

Your Committee finds that this measure will align state law regarding allowable investments by condominium associations with current federal Security and Exchange Commission regulations. Your Committee notes that this measure will allow condominium associations to prudently invest money collected from unit owners in government money market funds, an investment that is often advantageous for both the associations and the government.

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. 1325 and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

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DONOVAN M. DELA CRUZ, Chair