STAND. COM. REP. NO. 801

 

Honolulu, Hawaii

                  

 

RE:    S.B. No. 1071

       S.D. 2

 

 

 

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

 

Madam:

 

     Your Committee on Ways and Means, to which was referred S.B. No. 1071, S.D. 1, entitled:

 

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

 

begs leave to report as follows:

 

     The purpose and intent of this measure is to modernize the banking laws.

 

     More specifically, this measure, among other things:

 

(1)  Specifies the powers of the Commissioner of Financial Institutions;

 

(2)  Updates terminology;

 

(3)  Imposes assessments based upon total assets; and

 

(4)  Imposes various nonrefundable application fees.

 

     Your Committee received written comments in support of this measure from the Department of Commerce and Consumer Affairs and the Hawaii Financial Services Association.

 

     Your Committee finds that the comprehensive modernization of the State's banking laws in this measure reflects changes in federal law that have occurred since the recodification of the State's banking laws in 1993.

 

     Your Committee has amended this measure by:

 

(1)  Clarifying language relating to statutory references to certain financial institutions;

 

(2)  Changing the effective date to July 1, 2050, to facilitate further discussion on the matter; and

 

(3)  Making technical nonsubstantive amendments for the purposes of clarity 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. 1071, S.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 1071, S.D. 2.

 

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

 

 

 

____________________________

DAVID Y. IGE, Chair