Bill Text: HI HB2486 | 2012 | Regular Session | Amended

---

Bill Title: Unclaimed Property

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-02-17 - (H) Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Herkes, Kawakami, M. Lee, Mizuno, Morikawa excused (5). [HB2486 Detail]

Download: Hawaii-2012-HB2486-Amended.html

---

 

 

STAND. COM. REP. NO.  646-12

 

Honolulu, Hawaii

                , 2012

 

RE:   H.B. No. 2486

      H.D. 1

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Judiciary, to which was referred H.B. No. 2486 entitled:

 

"A BILL FOR AN ACT RELATING TO UNCLAIMED PROPERTY,"

 

begs leave to report as follows:

 

     The purpose of this measure is to streamline operations and establish a maximum fee structure for unclaimed property locators.  Specifically, this measure:

 

     (1)  Requires holders of unclaimed property to pay or deliver all property not held in a safekeeping depository with their November 1 semi-annual report to the Director of Finance;

 

     (2)  Specifies the maximum fee professional unclaimed property locators may charge; and

 

     (3)  Authorizes payments out of the trust funds of the State of any undistributed balances or proceeds that a person is legally entitled to as an heir or devisee of a decedent.

 

     The Department of Budget and Finance testified in support of this measure.

 

     Your Committee has amended this measure by:

 

     (1)  Allowing an owner the right to assert that an agreement is invalid on grounds other than unjust or excessive compensation and allowing the court to award reasonable attorney's fees to an owner who prevails in such an action;

 

     (2)  Specifying that payments of undistributed balances or proceeds that a person is legally entitled to as an heir or devisee of a decedent be paid out of the Unclaimed Property Trust Fund;

 

     (3)  Changing its effective date to January 7, 2059, to encourage further discussion; and

 

     (4)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Judiciary that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2486, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2486, H.D. 1, and be referred to the Committee on Finance.

 

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

 

 

		____________________________ GILBERT KEITH-AGARAN, Chair