Bill Text: HI HB2497 | 2012 | Regular Session | Amended

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Bill Title: Uniform Securities Act

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Enrolled - Dead) 2012-04-19 - (S) Received notice of House reconsideration of action in disagreeing to the amendments proposed by the Senate (Hse. Com. No. 624). [HB2497 Detail]

Download: Hawaii-2012-HB2497-Amended.html

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STAND. COM. REP. NO. 3062

 

Honolulu, Hawaii

                  

 

RE:    H.B. No. 2497

       S.D. 1

 

 

 

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

 

Sir:

 

     Your Committee on Commerce and Consumer Protection, to which was referred H.B. No. 2497 entitled:

 

"A BILL FOR AN ACT RELATING TO SECURITIES,"

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to correct errors, ambiguities, and inconsistencies in the Uniform Securities Act, chapter 485A, Hawaii Revised Statutes.

 

     Your Committee received testimony in support of this measure from the Department of Commerce and Consumer Affairs.

 

     Your Committee finds that recent amendments to the Uniform Securities Act have resulted in errors, ambiguities, and inconsistencies.  This measure will promote consistency throughout the securities chapter by correcting language regarding notice filing and drafting errors where internal references were wrongly cited.

 

     Your Committee notes that the companion to this measure, S.B. No. 2759, S.D. 1, was previously passed by the Senate.  The language in S.B. No. 2759, S.D. 1, is preferable because it is substantively identical to this measure but additionally contains technical amendments to correct a drafting error and accurately reflect existing statutory language.

 

     Accordingly, your Committee has amended this measure by replacing its contents with the contents of S.B. No. 2759, S.D. 1.

 

     As affirmed by the record of votes of the members of your Committee on Commerce and Consumer Protection that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2497, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2497, S.D. 1, and be placed on the calendar for Third Reading.

 

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

 

		____________________________ ROSALYN H. BAKER, Chair