HI HB827

Requires the director of finance to deposit all Medicaid funds (program ID HMS401) into interest-bearing accounts operated by credit union depositories after June 30, 2020

Medicaid accounts at credit unions must contain only HMS401 funds or interest accrued on those funds, with no mixing with other state monies

Allows the director to transfer accrued interest between Medicaid accounts at credit unions, keeping all interest within the HMS401 program

Defines "credit union depository" as a credit union with shares insured by the National Credit Union Share Insurance Fund and maintaining a principal office or branch in Hawaii

Requires the Department of Human Services to adopt administrative rules by January 1, 2020 to implement this requirement, effective July 1, 2019