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

STATE OF HAWAII

 


 

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 Statutory material to be repealed is bracketed and stricken.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.