STAND. COM. REP. NO. 1765-24

Honolulu, Hawaii

, 2024

RE: S.B. No. 2861

S.D. 1

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-Second State Legislature

Regular Session of 2024

State of Hawaii

Sir:

Your Committee on Finance, to which was referred S.B. No. 2861, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO EXCLUSIVE LISTING AGREEMENTS,"

begs leave to report as follows:

The purpose of this measure is to:

(1) Void certain long-term exclusive listing agreements for the sale of residential real property as unfair and deceptive practices;

(2) Prohibit the recording or filing of exclusive listing agreements of any duration with the Bureau of Conveyances; and

(3) Establish certain remedies for violations.

Your Committee received testimony in support of this measure from the Department of Land and Natural Resources and AARP Hawaiʻi. Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs and Hawaiʻi Association of REALTORS.

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. 2861, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

KYLE T. YAMASHITA, Chair