Contact email@example.com 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.