CONFERENCE COMMITTEE REP. NO.79

Honolulu, Hawaii

, 2001

RE: H.B. No. 583

H.D. 1

S.D. 2

C.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 583, H.D. 1, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO THE CODE OF FINANCIAL INSTITUTIONS,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this bill is to:

(1) Correct sections of the Code of Financial Institutions (Code), Chapter 412, Hawaii Revised Statutes, which were inadvertently not changed upon the adoption of prior amendments to the Code; and

(2) Make clarifying and streamlining amendments to other sections of the Code.

 

Among other things, this measure:

(1) Provides clearer authority to the Commissioner of Financial Institutions (Commissioner) to expedite emergency applications and subpoena witnesses;

(2) Authorizes the Commissioner to charge a fee at the prevailing hourly examiner's rate for requests to search, review, or segregate Division of Financial Institutions (Division) records;

(3) Clarifies the grounds upon which the Commissioner may remove institution-affiliated persons and revoke or suspend a charter or license;

(4) Amends certain foreign bank application procedures to increase uniformity of procedures applicable to institutions regulated by the Division; and

(5) Removes provisions inadvertently restricting the ability of financial institutions to invest in obligations of the State of Hawaii.

Your Committee on Conference has amended this bill by removing the section authorizing the Commissioner to charge the prevailing hourly examiner's rate for requests to search, review, or segregate Division records. As amended, your Committee on Conference finds that this measure will enhance the ability of the Commissioner to regulate financial institutions without unduly restricting public access to government records.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 583, H.D. 1, S.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 583, H.D. 1, S.D. 2, C.D. 1.

 

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________

RON MENOR, Chair

____________________________

KENNETH T. HIRAKI, Co-Chair

____________________________

NATHAN SUZUKI, Co-Chair