Bill Text: HI SB2345 | 2014 | Regular Session | Amended

Hawaii Senate Bill 2345 (Prior Session Legislation)

Bill Title: Office of the Securities Commissioner; Investor Education Program; Kupuna; Appropriation ($)

Spectrum: Partisan Bill (Democrat 24-0)

Status: (Passed) 2014-07-03 - Act 152, 6/30/2014 (Gov. Msg. No. 1255). [SB2345 Detail]

Download: Hawaii-2014-SB2345-Amended.html

THE SENATE	S.B. NO.	2345
TWENTY-SEVENTH LEGISLATURE, 2014		S.D. 1
STATE OF HAWAII		H.D. 1
		C.D. 1

A BILL FOR AN ACT

RELATING TO THE INVESTOR EDUCATION PROGRAM.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. The legislature finds that national and local news accounts report that elderly citizens are often victimized when it comes to sophisticated investment frauds. Some of the most recognizable and fastest growing segments of investment fraud against the elderly are in the areas of indexed annuities, life-settlement annuities, variable annuities, and Ponzi schemes. The securities commissioner has presented a white paper to a national group highlighting the spike in cases filed in the area of sophisticated investment frauds.

The legislature further finds that fighting fraud and abuse against the elderly presents unique challenges in Hawaii. The State's population is aging much faster than the national average, and the cultural and ethnic diversity that characterizes Hawaii's kupuna population is unlike that of any other state in the country.

The legislature additionally finds that the department of commerce and consumer affairs has taken a proactive approach to preventing fraud against the State's citizens through investment education. The investor education program within the department of commerce and consumer affairs, office of the securities commissioner, offers free educational presentations and materials for all investors, including seniors. The program provides education and outreach to the State's kupuna, including information on how to make wise choices when investing and how to detect financial fraud, and is an important way the State supports and protects Hawaii's kupuna.

Accordingly, the purpose of this Act is to support and protect Hawaii's kupuna by appropriating funds to the office of the securities commissioner for educational outreach targeted at kupuna, based on a model similar to the department's existing investor education programs, particularly in the areas of indexed annuities, life-settlement annuities, variable annuities, and Ponzi schemes.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $50,000 or so much thereof as may be necessary for fiscal year 2014-2015 to the office of the securities commissioner of the department of commerce and consumer affairs for educational outreach targeted at kupuna, based on a model similar to the department's existing investor education programs, particularly in the areas of indexed annuities, life-settlement annuities, variable annuities, and Ponzi schemes.

The sum appropriated shall be expended by the department of commerce and consumer affairs for the purposes of this Act.

SECTION 3. This Act shall take effect on July 1, 2014.

Report Title:

Office of the Securities Commissioner; Investor Education Program; Kupuna; Appropriation

Description:

Appropriates funds for educational outreach targeted at kupuna, based on DCCA's existing investor education programs. (CD1)

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.