HI HCR190

Requests the Department of Commerce and Consumer Affairs to evaluate registration, reporting, and transparency requirements for trusts formed under Chapter 554G, Hawaii Revised Statutes (self-settled asset protection trusts)

The Department of Taxation has confirmed that Chapter 554G trusts are not currently tracked or classified in any manner that allows aggregate reporting on their number, assets, or income-reporting status

Directs the Department to assess whether existing law permits requiring registration or periodic reporting of large private trusts, including threshold-based disclosures that protect beneficiary confidentiality while informing policymakers

Requires the Department to determine if statutory amendments are needed to establish reporting requirements for trusts exceeding specified asset thresholds or with long/perpetual durations

Report with findings, recommendations, and proposed legislation due to the Legislature no later than 20 days before the Regular Session of 2027