STAND. COM. REP. NO.  878-20

 

Honolulu, Hawaii

                , 2020

 

RE:   H.B. No. 1882

      H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirtieth State Legislature

Regular Session of 2020

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred H.B. No. 1882, H.D. 1, entitled:

 

"A BILL FOR AN ACT RELATING TO NONDEPOSITORY TRUSTS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to establish a different regulatory framework for nondepository trust companies by:

 

     (1)  Clarifying the powers and duties of nondepository trust companies;

 

     (2)  Beginning July 1, 2021, changing the yearly assessments on nondepository trust companies by basing the calculation on total assets under management; and

 

     (3)  Establishing a paid-in capital and surplus requirement in order to charter nondepository trust companies in the State.

 

     Your Committee received testimony in support of this measure from CSI Trust Company.  Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs.

 

     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 H.B. No. 1882, H.D. 1, and recommends that it pass Third Reading.

 

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

 

 

 

 

____________________________

SYLVIA LUKE, Chair