HI HB721

Establishes a state-owned bank implementation board within the Department of Commerce and Consumer Affairs to study the feasibility, costs, benefits, and prerequisites for creating a Hawaii state-owned bank

Board membership includes representatives from 9 state agencies and organizations, including the Division of Financial Institutions (chair), Department of Agriculture, Department of Budget and Finance, University of Hawaii, Hawaii Housing Finance and Development Corporation, and Office of Hawaiian Affairs

Board must review the Bank of North Dakota model, Massachusetts feasibility studies, capital requirements, effects on existing financial institutions, long-term economic impacts, and applicable laws and regulations

Report with findings, recommendations, and proposed legislation due to the legislature no later than 20 days before the 2027 regular session

Implementation board takes effect July 1, 2025, and ceases to exist on June 30, 2027; members serve without compensation but receive expense reimbursement