STAND. COM. REP. NO. 303

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  S.B. No. 1125
                                        




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 1999
State of Hawaii

Sir:

     Your Committee on Commerce and Consumer Protection, to which
was referred S.B. No. 1125 entitled: 

     "A BILL FOR AN ACT RELATING TO THE CODE OF FINANCIAL
     INSTITUTIONS,"

begs leave to report as follows:

     The purpose of this measure is to make conforming amendments
to the Code of Financial Institutions (Code).

     The Commissioner of Financial Institutions presented
testimony in support of this measure.

     In 1996, the Legislature amended the interstate banking and
branching laws.  This measure conforms the definition of "Hawaii
financial institution" and provisions relating to the purchase of
failing institutions to these amendments.  Additionally, under
this measure, procedures for the relocation of an agency, branch,
or representative office of a foreign bank, and for the voluntary
liquidation and dissolution of credit unions are conformed to be
consistent with the procedures required for other financial
institutions.  

     As affirmed by the record of votes of the members of your
Committee on Commerce and Consumer Protection that is attached to
this report, your Committee is in accord with the intent and
purpose of S.B. No. 1125 and recommends that it pass Second
Reading and be placed on the calendar for Third Reading.


 
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                                   STAND. COM. REP. NO. 303
                                   Page 2


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



                                   ______________________________
                                   BRIAN KANNO, Co-Chair



                                   ______________________________
                                   BRIAN T. TANIGUCHI, Co-Chair

 
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