STAND. COM. REP. NO.  1507-14

Honolulu, Hawaii

                , 2014

RE:   S.B. No. 2321

      S.D. 1

      H.D. 1

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Seventh State Legislature

Regular Session of 2014

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2321, S.D. 1, entitled:

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

begs leave to report as follows:

The purpose of this measure is to:

     (1)  Require claims for funds of any amount less than $100 in the unclaimed property trust fund to be filed within 10 years of the deposit of the funds into the unclaimed property trust fund beginning July 1, 2014;

     (2)  Make provisions for the application of this ten-year time period for funds already deposited in the unclaimed property trust fund; and

     (3)  Specify that funds unclaimed at the expiration of the ten-year time period will be transferred to the state general fund.

The Department of Budget and Finance provided comments on this measure.

     Your Committee has amended this measure by making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2321, S.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 2321, S.D. 1, H.D. 1, and be placed on the calendar for Third Reading.

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

____________________________

SYLVIA LUKE, Chair