CONFERENCE COMMITTEE REP. NO. 9

Honolulu, Hawaii

, 2021

RE: H.B. No. 943

H.D. 1

S.D. 2

C.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sirs:

Your Committee on Conference on the disagreeing vote of the House of Representatives to the amendments proposed by the Senate in H.B. No. 943, H.D. 1, S.D. 2, entitled:

"A BILL FOR AN ACT RELATING TO NONDEPOSITORY TRUSTS,"

having met, and after full and free discussion, has agreed to recommend and does recommend to the respective Houses the final passage of this bill in an amended form.

The purpose of this measure is to establish a different regulatory framework for nondepository trust companies by:

(1) Clarifying the powers and duties of nondepository trust companies;

(2) Changing the yearly assessments imposed on nondepository trust companies by basing the calculation on total assets under management;

(3) Establishing a paid-in capital and surplus requirement in order to charter nondepository trust companies in the State; and

(4) Appropriating monies from the Compliance Resolution Fund for the Division of Financial Institutions to administer the requirements of new nondepository trusts.

Your Committee on Conference has amended this measure by:

(1) Changing the effective date to July 1, 2021; and

(2) Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

As affirmed by the record of votes of the managers of your Committee on Conference that is attached to this report, your Committee on Conference is in accord with the intent and purpose of H.B. No. 943, H.D. 1, S.D. 2, as amended herein, and recommends that it pass Final Reading in the form attached hereto as H.B. No. 943, H.D. 1, S.D. 2, C.D. 1.

Respectfully submitted on behalf of the managers:

ON THE PART OF THE SENATE

ON THE PART OF THE HOUSE

____________________________ ROSALYN H. BAKER Chair	____________________________ AARON LING JOHANSON Co-Chair
____________________________ J. KALANI ENGLISH Co-Chair	____________________________ BERTRAND KOBAYASHI Co-Chair