HI HB1103

Establishes an implementation board within the Department of Commerce and Consumer Affairs to study the feasibility of creating a state-owned bank in Hawaii, including planning and development of such an institution.

Board membership includes representatives from state departments (commerce, agriculture, budget and finance, business/economic development), University of Hawaii, Hawaii Housing Finance and Development Corporation, Office of Hawaiian Affairs, and community organizations (Legal Aid Society, Faith Action for Community Equity, Hawaii Appleseed Center, and Economic Development Alliance).

Board shall evaluate the Bank of North Dakota model, Massachusetts feasibility studies, other state banking models, capital requirements, initial capitalization options, effects on existing banks, economic impact, job creation potential, and applicable laws and regulations.

Board is exempt from public meeting requirements but must post minutes on the department's website; members serve without compensation but receive reimbursement for reasonable expenses; board is purely advisory in nature.

Board must submit findings, recommendations, and proposed legislation to the legislature no later than 20 days before the 2022 regular session convenes; board ceases to exist on June 30, 2022; effective July 1, 2021.