Report Title:
Financial Institutions; Financial Statements; Funding
Description:
Eliminates publication requirement for financial statements of state-chartered depository financial institutions filed with Commissioner. Reduces Division's annual allocation of tax revenues from $2,500,000 to $2,000,000. (SD1)
HOUSE OF REPRESENTATIVES |
H.B. NO. |
1127 |
TWENTY-FIRST LEGISLATURE, 2001 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO STATEMENTS OF ASSETS AND LIABILITIES OF HAWAII FINANCIAL INSTITUTIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 241-7, Hawaii Revised Statutes, is amended to read as follows:
"§241-7 Disposition of funds. All taxes collected under this chapter shall be state realizations; provided that, by June 30 of each fiscal year, the sum of [$2,500,000] $2,000,000 shall be deposited with the director of finance to the credit of the compliance resolution fund as established pursuant to section 26-9(o)."
SECTION 2. Section 412:3-113, Hawaii Revised Statutes, is amended to read as follows:
"§412:3-113 [Publication of financial statements.] Availability of statement of assets and liabilities. [Unless extended by the commissioner, within ten days after submission to the commissioner of its June 30 and December 31 financial statements, every] Every Hawaii financial institution, except a nondepository financial services loan company or credit union, shall [publish] make its [statement] June 30 and December 31 statements of assets and liabilities [in a newspaper of general circulation in this State.] available to the public. [The statement] Statements shall be in a form prescribed by the commissioner and [shall be] prepared in accordance with section 412:3-108. A statement of assets and liabilities shall be made available to the public by the institution until the subsequently-filed statement becomes available."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval; provided that section 1 of this Act shall take effect on July 1, 2001.