HI HB2628

Department of Commerce and Consumer Affairs shall conduct a comprehensive review of state laws relating to financial institutions, mortgage lending, housing development, agricultural development, and land use to develop proposed legislation for a state-operated bank.

Review shall be coordinated by the Division of Financial Institutions and conducted in conjunction with seven other state departments and agencies including Budget and Finance, Agriculture, Attorney General, and Hawaii Housing Finance and Development Corporation.

Commissioner of Financial Institutions shall submit semi-annual status reports, with first progress report due twenty days before the 2021 regular session and final report due twenty days before the 2022 regular session.

Final report shall include a graduated schedule for transferring state funds from current depository financial institutions to the proposed state bank.

Appropriates funds from the compliance resolution fund for fiscal year 2020-2021 to conduct the comprehensive review, with the Act taking effect July 1, 2050.