STAND.
COM. REP. NO. 385
Honolulu, Hawaii
, 2021
RE: H.B. No. 605
H.D. 2
Honorable Scott K. Saiki
Speaker, House of Representatives
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 605, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO HOUSING SAVINGS ACCOUNTS,"
begs leave to report as follows:
The purpose of this measure is to require the Legislative Reference Bureau to conduct a study on the establishment of a housing savings account system that would provide every employee in the State the ability to automatically contribute to a housing savings account through payroll deduction and report to the Legislature prior to the Regular Session of 2022.
Your Committee finds that the high cost of housing in Hawaii prevents residents from being able to become homeowners. As the price of housing continues to increase, it gets more difficult for individuals and families to save for a down payment on a home or pay for their mortgage or rent. Your Committee finds merit in an innovative approach that would potentially create a housing savings account in which employees would automatically contribute funds through payroll deduction for purposes of purchasing or paying for housing in the State. This measure would help the State in making informed decisions regarding housing savings accounts by first requiring a study on the establishment of such a program.
Your Committee has amended this measure by:
(1) Clarifying that the study shall include the ability for funds contributed into a housing savings account to be used for any housing‑related purpose, rather than any purpose; and
(2) Making technical, nonsubstantive amendments for the purposes of 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. 605, H.D. 1, as amended herein, and recommends that it be referred to your Committee on Finance in the form attached hereto as H.B. No. 605, H.D. 2.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ AARON LING JOHANSON, Chair |
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