STAND. COM. REP. NO. 1536
RE: H.B. No. 943
Honorable Ronald D. Kouchi
President of the Senate
Thirty-First State Legislature
Regular Session of 2021
State of Hawaii
Your Committee on Ways and Means, to which was referred H.B. No. 943, H.D. 1, S.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO NONDEPOSITORY TRUSTS,"
begs leave to report as follows:
The purpose and intent of this measure is to establish regulatory oversight of nondepository trust companies, which includes the framework for the Department of Commerce and Consumer Affairs to assess annual fees to offset the costs of regulations.
Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs and one individual.
Your Committee finds that nondepository trust companies operate much like the trust departments of banks but do not accept deposits or offer loans. Your Committee further finds that this measure will allow qualified nondepository trust companies to serve as fiduciaries that help to administer and manage the assets of a growing number of consumers who need assistance with asset management but do not qualify for the wealth management services provided by banks and large investment firms.
Your Committee has amended this measure by:
(1) Making an appropriation out of the compliance resolution fund for fiscal years 2021-2022 and 2022-2023 to clarify the authority of the Division of Financial Institutions of the Department of Commerce and Consumer Affairs to expend $4,000 of the fees collected pursuant to this measure to administer the nondepository trust company program created by the measure; and
(2) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure.
As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 943, H.D. 1, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 943, H.D. 1, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONOVAN M. DELA CRUZ, Chair