HI HR180

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

Addresses the lack of current tracking or classification of Chapter 554G trusts by the Department of Taxation, which limits the State's ability to assess the scale, fiscal implications, and economic impact of these trust structures.

Directs the Department to identify existing regulatory requirements applicable to Chapter 554G trusts, evaluate whether current law allows for registration or reporting requirements, and assess whether statutory amendments are needed to establish reporting frameworks for trusts exceeding specified asset thresholds.

Requires the Department to submit a report with findings, recommendations, and any proposed legislation to the Legislature no later than twenty days prior to the Regular Session of 2027.