HI SB1206

Amends Hawaii Revised Statutes Section 38-2 to allow the Director of Finance to exempt depositories from the requirement to pay all public fund deposits upon demand.

Exemption is available only if the depository has issued loans with below-market interest rates and longer terms for housing projects where all dwelling units are exclusively for owner-occupants who own no other real property and are State residents.

Makes minor grammar corrections, changing "which" to "that" and "shall" to "shall" with comma in relevant sections of the statute.

Takes effect on July 1, 2050.