STAND. COM. REP. NO.  885

 

Honolulu, Hawaii

                , 2013

 

RE:   H.B. No. 139

      H.D. 1

 

 

 

 

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 139 entitled:

 

"A BILL FOR AN ACT RELATING TO FUNDS TRANSFERS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to clarify that state law on funds transfers applies to a remittance transfer unless the remittance transfer is an electronic fund transfer under federal law.

 

     Testimony in support of the measure was received from the Department of Commerce and Consumer Affairs and the Commission to Promote Uniform Legislation.

 

     Your Committee finds that the rights and responsibilities of parties involved in certain consumer international wire transfers are not addressed by federal law.  This measure is therefore necessary to specify when state law will govern those transactions.

 

     Your Committee has amended this measure by:

 

(1)  Adding a preamble, designated as Section 1, to state the purpose and intent of the measure; and

 

(2)  Changing the effective date to July 1, 2030, in order to facilitate further discussion on the measure.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 139, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 139, H.D. 1.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

		____________________________ SYLVIA LUKE, Chair