HI SB1325

Adds definition of "government money market fund" to Hawaii Revised Statutes Section 514B-3, defining it as any money market fund investing 99.5% or more of total assets in cash, U.S. government obligations, State of Hawaii obligations, or their respective agencies, or repurchase agreements collateralized by U.S. government securities or cash.

Amends Section 514B-149(c)(2)(C) to explicitly permit condominium associations to invest collected funds in government money market funds, in addition to existing permitted mutual fund investments comprised solely of government obligations.

Clarifies that condominium association mutual fund investments may include shares or units of another mutual fund satisfying the same investment requirements.

Requires board approval for any investment longer than one year and mandates that boards disclose all investments exceeding one year to owners at each annual meeting.

Takes effect upon approval.