Bill Text: HI HCR207 | 2010 | Regular Session | Introduced

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Bill Title: Exchange Accommodation; Auditor

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-03-11 - (H) Referred to CPC, LMG, referral sheet 47 [HCR207 Detail]

Download: Hawaii-2010-HCR207-Introduced.html

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HOUSE OF REPRESENTATIVES	H.C.R. NO.	207
TWENTY-FIFTH LEGISLATURE, 2010
STATE OF HAWAII

HOUSE CONCURRENT

RESOLUTION

 

 

REQUESTING THE AUDITOR, PURSUANT TO SECTION 26h-6, HAWAII REVISED STATUTES, TO CONDUCT AN analysis of THE practice of EXCHANGE ACCOMMODATION in hawaii.

 

 

 

     WHEREAS, section 1031 of the Internal Revenue Code, as amended, allows the tax deferred exchange of real property held for productive or investment purposes; and

 

     WHEREAS, these transactions may require the transfer of considerable sums of money that cannot be held by the transacting parties, lest they lose their tax deferred status; and

 

     WHEREAS, in order to address this problem, exchange accommodators provide a temporary receptacle for transferred funds required for the exchange of property; and

 

     WHEREAS, recent news reports highlight the problem of exchange accommodators absconding with millions of dollars of their clients' funds; and

 

     WHEREAS, exchange accommodators are not regulated in Hawaii; and

 

     WHEREAS, section 26H-6, Hawaii Revised Statutes, requires that any new regulatory measure being considered for enactment that subjects an unregulated profession or vocation to licensing or other regulatory controls be referred to the Auditor for analysis; and

 

     WHEREAS, also pursuant to section 26H-6, Hawaii Revised Statutes, the Auditor is to conduct the analysis with specific regard to H.B. No.   , relating to exchange accommodation; now, therefore,

 

     BE IT RESOLVED by the House of Representatives of the Twenty-fifth Legislature of the State of Hawaii, Regular Session of 2010, the Senate concurring, that pursuant to section 26H-6, Hawaii Revised Statutes, the Auditor is requested to conduct an analysis of the profession of exchange accommodation in Hawaii; and

 

     BE IT FURTHER RESOLVED that the analysis set forth the probable effects of the proposed regulatory measure and assess whether its enactment is consistent with the policies set forth in section 26H-6, Hawaii Revised Statutes; and

 

     BE IT FURTHER RESOLVED that the analysis also assess alternative forms of regulation; and

 

BE IT FURTHER RESOLVED that a certified copy of this Concurrent Resolution be transmitted to the Auditor.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Exchange Accommodation; Auditor