STAND. COM. REP. NO. 898
RE: S.B. No. 1097
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 S.B. No. 1097, 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 regulate nondepository trust companies.
Your Committee received written comments in support of this measure from the Division of Financial Institutions of the Department of Commerce and Consumer Affairs.
Your Committee finds that this measure will allow qualified nondepository trust companies to serve as fiduciaries in the administration and management of assets for the growing number of Hawaii consumers who may need assistance with asset management but do not qualify for services by banks or large investment firms.
Your Committee has amended this measure by:
(1) Correcting a typographical error in a reference to the upper income limit for assessment of yearly fees on nondepository trusts having total assets under management of at least $1,000,000,000 but less than $2,000,000,000;
(2) Making an appropriation to the Department of Commerce and Consumer Affairs from the compliance resolution fund to administer nondepository trusts, at the Department's request;
(3) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and
(4) Making technical nonsubstantive amendments for purposes of clarity, consistency, and style.
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 S.B. No. 1097, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1097, S.D. 2.
Respectfully submitted on behalf of the members of the Committee on Ways and Means,
DONOVAN M. DELA CRUZ, Chair