STAND. COM. REP. NO.640
Honolulu, Hawaii
, 2001
RE: H.B. No. 583
H.D. 1
Honorable Calvin K.Y. Say
Speaker, House of Representatives
Twenty-First State Legislature
Regular Session of 2001
State of Hawaii
Sir:
Your Committee on Finance, to which was referred H.B. No. 583, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO THE CODE OF FINANCIAL INSTITUTIONS,"
begs leave to report as follows:
The purpose of this bill is to help streamline the regulation of financial institutions in the State by:
(1) Correcting portions of the Code of Financial Institutions (Code) to make them consistent with recent amendments; and
(2) Clarifying other sections of the Code relating to:
(A) The power of the Commissioner of Financial Institutions to expedite emergency applications and to subpoena witnesses;
(B) The grounds for removal of institution-affiliated persons and the grounds for revocation or suspension of a charter or license; and
(C) The administering of more uniform application procedures imposed on all institutions.
The Department of Commerce and Consumer Affairs testified in support of this measure.
As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 583, H.D. 1, and recommends that it pass Third Reading.
Respectfully submitted on behalf of the members of the Committee on Finance,
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____________________________ DWIGHT Y. TAKAMINE, Chair |
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