HI SB1206

Amends Hawaii Revised Statutes Section 38-2 to allow the Director of Finance to grant exemptions from the requirement that depositories pay all public fund deposits (excluding time deposits) upon demand.

Exemptions may be granted to depositories that have issued loans with below-market interest rates and longer terms for housing projects where all dwelling units are exclusively available to owner-occupants who own no other real property and are residents of Hawaii.

Makes minor grammatical corrections throughout the statute, replacing "which" with "that" and "shall" with "shall" in specified locations.

Effective date is July 1, 2050.