STAND. COM. REP. NO.257

Honolulu, Hawaii

, 2001

RE: H.B. No. 1127

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Consumer Protection and Commerce, to which was referred H.B. No. 1127 entitled:

"A BILL FOR AN ACT RELATING TO STATEMENTS OF ASSETS AND LIABILITIES OF HAWAII FINANCIAL INSTITUTIONS,"

begs leave to report as follows:

The purpose of this bill is to eliminate the requirement that state chartered financial institutions publish a statement of assets and liabilities every six months.

Your Committee finds that state chartered financial institutions are required to publish their statements of assets and liabilities twice a year. Your Committee further finds that federally chartered financial institutions have not been required to publish statements of their assets and liabilities for many years.

This bill proposes to remove the publication requirement for state chartered financial institutions. This bill also requires that their statement of assets and liabilities be:

(1) Filed with the Commissioner of Financial

institutions; and

(2) Made available to the public by the institution until the subsequent statement becomes available.

The Hawaii Bankers Association submitted testimony in support of this bill. The Department of Commerce and Consumer Affairs commented on this bill.

As affirmed by the record of votes of the members of your Committee on Consumer Protection and Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1127 and recommends that it pass Second Reading and be placed on the calendar for Third Reading.

Respectfully submitted on behalf of the members of the Committee on Consumer Protection and Commerce,

____________________________

KENNETH T. HIRAKI, Chair