STAND. COM. REP. NO.897

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 Committees on Judiciary and Ways and Means, to which was referred S.B. No. 840, S.D. 1, entitled:

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

beg 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 Committees 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 Committees find 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.

As affirmed by the records of votes of the members of your Committees on Judiciary and Ways and Means that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 840, S.D. 1, and recommend that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committees on Judiciary and Ways and Means,

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BRIAN T. TANIGUCHI, Chair

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BRIAN KANNO, Chair