STAND. COM. REP. NO. 655

Honolulu, Hawaii

, 2021

RE: H.B. No. 943

H.D. 1

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sir:

Your Committee on Finance, to which was referred H.B. No. 943, H.D. 1, entitled:

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

begs leave to report as follows:

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 on nondepository trust companies by basing the calculation on total assets under management; and

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

Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs.

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. 943, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair