|
HOUSE OF REPRESENTATIVES |
H.B. NO. |
2628 |
|
THIRTIETH LEGISLATURE, 2020 |
H.D. 1 |
|
|
STATE OF HAWAII |
|
|
|
|
|
|
|
|
||
|
|
||
A BILL FOR AN ACT
RELATING TO A BANK OF THE STATE OF HAWAII.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. (a) The department of commerce and consumer affairs, in conjunction with:
(1) The department of accounting and general services;
(2) The department of agriculture;
(3) The department of the attorney general;
(4) The department of budget and finance;
(5) The department of human resources development;
(6) The department of land and natural resources;
(7) The Hawaii housing finance and development corporation; and
(8) The agribusiness development corporation;
shall conduct a comprehensive review
of the State's laws relating to financial institutions, mortgage lending,
housing development, agricultural development, and land use for the purpose of
developing proposed legislation to establish a state-operated bank of the State
of Hawaii.
(b) The division of financial institutions of the
department of commerce and consumer affairs shall be the lead agency charged
with the responsibility of coordinating the review required under subsection
(a).
SECTION
2. The commissioner of financial
institutions shall submit a status report of the review to the legislature on a
semi-annual basis. The commissioner of
financial institutions shall submit the first progress report, along with
findings and recommendations, and proposed legislation to establish a
state-operated bank of the State of Hawaii, to the legislature no later than
twenty days prior to the convening of the 2021 regular session. The commissioner of financial institutions
shall submit the final report no later than twenty days prior to the convening
of the 2022 regular session.
SECTION 3. The final report shall include but not be limited to a graduated schedule of state funds to be transferred to the bank of the State of Hawaii from financial institutions that are serving as depositories for the State.
SECTION
4. There is appropriated out of the
compliance resolution fund the sum of $
or so much thereof as may be necessary for fiscal year 2020-2021
for the purpose of conducting the comprehensive review of the State's laws as
provided in this Act.
The
sum appropriated shall be expended by the department of commerce and consumer
affairs for the purposes of this Act.
SECTION 5. This Act shall take effect on July 1, 2050.
Report Title:
DCCA; State Bank; Study; Appropriation
Description:
Directs the Department of Commerce and Consumer Affairs to conduct a comprehensive review of relevant state laws to develop legislation to establish a state-operated bank of the State of Hawaii. Appropriates funds to conduct the review. Effective 7/1/2050. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.