Bill Text: HI SB1066 | 2013 | Regular Session | Amended

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Bill Title: Uniform Securities Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2013-06-25 - Act 165, on 6/21/2013 (Gov. Msg. No. 1268). [SB1066 Detail]

Download: Hawaii-2013-SB1066-Amended.html

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STAND. COM. REP. NO.  992

 

Honolulu, Hawaii

                , 2013

 

RE:   S.B. No. 1066

      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 Consumer Protection & Commerce, to which was referred S.B. No. 1066 entitled:

 

"A BILL FOR AN ACT RELATING TO SECURITIES LAW,"

 

begs leave to report as follows:

 

     The purpose of this measure is to make clarifications and corrections to Hawaii's securities laws.

 

     Specifically, this measure:

    

(1)  Corrects a grammatical error in the definition of the term "security;"

 

(2)  Amends the definition of "security" to correctly state the fourth element of an investment contract as determined by the Hawaii Supreme Court in State v. Hawaii Market Center, Inc., 52 Haw. 642, 485 P.2d 105 (1971); and

 

(3)  Corrects an erroneous citation to the federal Securities and Exchange Act of 1934. 

 

     The Department of Commerce and Consumer Affairs submitted testimony in support of this measure.  The American Council of Life Insurers submitted written comments on this measure.

 

     Your Committee finds that this measure will make corrections and clarifications to the Hawaii Uniform Securities Act, making it easier to follow and consistent with industry best practices.

 

     Your Committee has amended this measure by changing the effective date to July 1, 2112, to encourage further discussion.

 

     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 S.B. No. 1066, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 1066, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

		____________________________ ANGUS L.K. McKELVEY, Chair