HI SR182

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

Notes that the Department of Taxation confirmed trusts formed under Chapter 554G are not currently tracked or classified, limiting the State's ability to assess their scale, fiscal implications, and economic impact.

Directs the department to identify existing regulatory requirements for these trusts, evaluate whether current law allows for registration or periodic reporting, and assess if statutory amendments are needed for trusts exceeding specified asset thresholds.

Requires the department to provide recommendations on transparency mechanisms for large or long-duration private trusts and submit findings, including any proposed legislation, to the Legislature at least 20 days before the 2027 Regular Session.