Reps. Ward and Ching address HB1840 State-owned Bank; Task Force

Stand. Comm. Rep. No. 923-12 H.B. No. 1840, H.D. 3 RELATING TO STATE-OWNED BANK. (Financial Institutions; State-owned Bank; Task Force) AS AMENDED, PASS THIRD READING

The purpose of the bill is to establish a task force to review, investigate, and study the feasibility and cost of establishing a state-owned bank. Bill also requires a report to the Legislature.
HD3 (current draft) amends the HD2 draft by:
• Placing the task force within the Department of Commerce and Consumer Affairs for administrative purposes
• Including on the task force a representative from AARP, the Legal Aid Society of Hawaii, and Faith Action for Community Equity and the Executive Director of the Office of Consumer Protection or the Executive Director’s designee
• Requiring the task force to look at models used in other states and banking institutions
• Making technical, nonsubstantive amendments for clarity, consistency, and style
HD2 amends the HD1 draft by lessening the administrative burden on the Legislative Reference Bureau (LRB) by only requiring that LRB assist the task force in preparing its findings, recommendations, and proposed legislation, rather than provide all research and organizational support services necessary to assist the task force.

Contact: repward@capitol.hawaii.gov Excerpt from capitol TV

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Representative Pine Rebuttal on HB 2103 – State-Owned Bank;

THE BANK OF THE STATE OF HAWAII.(Financial Institutions; State Bank; Hawaii Housing Finance and Development Corporation; Mortgage Foreclosure; Appropriation) AS AMENDED, PASS THIRD READING

excerpt from Capitol TV labeled HB 1840 HB 2103 is being addressed\Contact: reppine@capitol.hawaii.gov

The purpose of the bill is to require the DCCA, along with other departments and entities, to conduct a comprehensive review of state laws in order to develop legislation to establish a bank of the State of Hawaii. The bill requires semi-annual status reports of the review to the Legislature. The final report shall contain a schedule of state funds to be transferred to the state bank from other financial institutions that currently serve as depositories for the state and proposed legislation to establish a program designed to purchase distressed properties encumbered by problematic mortgages. In the meantime, the Hawaii Housing Finance and Development Corporation shall establish an identical interim program to purchase the same distressed properties encumbered by problematic mortgages until the state bank is established. These two programs share the intent and purpose of the HD1 draft. The bill provides the process and procedures for the purchasing program (including the ability for former owners to buy back their former property). The bill includes a section that would deem the bank of the State of Hawaii licensed to engage in business on ________. Lastly, the bill requires that $________ of state funds currently held in private institutions be transferred into the bank on ________ with 50% of all state funds required to be held in depositories be held deposited into the bank by ________, and 75% of those funds by ________. Bill appropriates an unspecified amount on money from the compliance resolution fund for the purpose of conducting the review.

Reps. Riviere and Ching Address HB 2103 – State Bank

Stand. Comm. Rep. No. 924-12 H.B. No. 2103, H.D. 2 RELATING TO THE BANK OF THE STATE OF HAWAII.(Financial Institutions; State Bank; Hawaii Housing Finance and Development Corporation; Mortgage Foreclosure; Appropriation) AS AMENDED, PASS THIRD READING

Contact repRiviere@capitol.hawaii.gov Excerpt from Capitol TV labeled HB 1840 HB 2103 is being addressed

The purpose of the bill is to require the DCCA, along with other departments and entities, to conduct a comprehensive review of state laws in order to develop legislation to establish a bank of the State of Hawaii. The bill requires semi-annual status reports of the review to the Legislature. The final report shall contain a schedule of state funds to be transferred to the state bank from other financial institutions that currently serve as depositories for the state and proposed legislation to establish a program designed to purchase distressed properties encumbered by problematic mortgages. In the meantime, the Hawaii Housing Finance and Development Corporation shall establish an identical interim program to purchase the same distressed properties encumbered by problematic mortgages until the state bank is established. These two programs share the intent and purpose of the HD1 draft. The bill provides the process and procedures for the purchasing program (including the ability for former owners to buy back their former property). The bill includes a section that would deem the bank of the State of Hawaii licensed to engage in business on ________. Lastly, the bill requires that $________ of state funds currently held in private institutions be transferred into the bank on ________ with 50% of all state funds required to be held in depositories be held deposited into the bank by ________, and 75% of those funds by ________. Bill appropriates an unspecified amount on money from the compliance resolution fund for the purpose of conducting the review.

Reps. Pine and Ward Addresses HB 2103 – State Bank

Stand. Comm. Rep. No. 924-12 H.B. No. 2103, H.D. 2 RELATING TO THE BANK OF THE STATE OF HAWAII.(Financial Institutions; State Bank; Hawaii Housing Finance and Development Corporation; Mortgage Foreclosure; Appropriation) AS AMENDED, PASS THIRD READING

Contact repward@capitol.hawaii.gov or reppine@capitol.hawaii.gov  Excerpt from Capitol TV

The purpose of the bill is to require the DCCA, along with other departments and entities, to conduct a comprehensive review of state laws in order to develop legislation to establish a bank of the State of Hawaii. The bill requires semi-annual status reports of the review to the Legislature. The final report shall contain a schedule of state funds to be transferred to the state bank from other financial institutions that currently serve as depositories for the state and proposed legislation to establish a program designed to purchase distressed properties encumbered by problematic mortgages. In the meantime, the Hawaii Housing Finance and Development Corporation shall establish an identical interim program to purchase the same distressed properties encumbered by problematic mortgages until the state bank is established. These two programs share the intent and purpose of the HD1 draft. The bill provides the process and procedures for the purchasing program (including the ability for former owners to buy back their former property). The bill includes a section that would deem the bank of the State of Hawaii licensed to engage in business on ________. Lastly, the bill requires that $________ of state funds currently held in private institutions be transferred into the bank on ________ with 50% of all state funds required to be held in depositories be held deposited into the bank by ________, and 75% of those funds by ________. Bill appropriates an unspecified amount on money from the compliance resolution fund for the purpose of conducting the review.