STAND. COM. REP. NO. 591

                                   Honolulu, Hawaii
                                                     , 1999

                                   RE:  S.B. No. 1144
                                        S.D. 1




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

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 1144, S.D. 1, entitled:

     A BILL FOR AN ACT RELATING TO FINANCIAL INSTITUTIONS,"

begs leave to report as follows:

     The purpose of this bill is to dedicate a certain percentage
of the taxes imposed on banks and financial institutions under
chapter 241, Hawaii Revised Statutes, to the Financial
Institutions Examiners' Revolving Fund.

     Presently, all taxes collected under chapter 241, Hawaii
Revised Statutes, are deposited into the general fund.

     This bill will provide a dedicated source of funding to the
Division of Financial Institutions and allow the Division to
become more self-sufficient and independent in carrying out its
duties and responsibilities.

     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.
1144, S.D. 1, and recommends that it pass Third Reading.


 
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                                   STAND. COM. REP. NO. 591
                                   Page 2


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



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
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