STAND. COM. REP. NO. 106

Honolulu, Hawaii

, 2001

RE: S.B. No. 840

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred S.B. No. 840 entitled:

"A BILL FOR AN ACT RELATING TO FINANCIAL INSTITUTIONS,"

begs leave to report as follows:

The purpose of this measure is to require filing statements of assets and liabilities (statement) of Hawaii financial institutions with the Commissioner of Financial Institutions, rather than publishing the statements in a newspaper.

Your Committee received testimony in support of this measure from the Division of Financial Institutions (DFI), Hawaii Bankers Association, and Hawaii Financial Services Association.

This measure also requires that the statement be readily available to the public until such time as the subsequent statement is available.

Your Committee finds that federally chartered financial institutions in Hawaii have not been required to publish their statements of assets and liabilities for many years. Current Hawaii law requires publication by Hawaii depository financial institutions. This measure corrects that inconsistency.

Your Committee has amended this measure on the recommendation of the DFI to reduce the annual revenue going to the DFI from the taxation of banks and financial institutions from $2,500,000 to $2,000,000, as being sufficient for its operations.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 840, as amended herein, and recommends that it pass Second Reading in the form attached hereto as S.B. No. 840, S.D. 1, and be referred to the Committee on Judiciary.

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

____________________________

RON MENOR, Chair