Bill Text: HI SB2863 | 2024 | Regular Session | Amended

Hawaii Senate Bill 2863

Bill Title: Relating To Public Moneys.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced) 2024-02-14 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [SB2863 Detail]

Download: Hawaii-2024-SB2863-Amended.html

THE SENATE	S.B. NO.	2863
THIRTY-SECOND LEGISLATURE, 2024		S.D. 1
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO PUBLIC MONEYS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 38-2, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository [~~which~~] that the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided[.]; provided further that not less than per cent of the aggregate amount of moneys of the State available for deposit shall be deposited in a financial institution chartered or authorized to do business in the State. In selecting a depository the class of security offered shall be considered as the basis of selection and due regard shall be given to a depository doing business in the State."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2040; provided that this Act shall take effect upon notification by the director of finance to the revisor of statutes that a financial institution chartered or authorized to do business in the State has been established and has been accepting deposits with the security for protection of funds required by chapter 38, Hawaii Revised Statutes, for not less than thirty days.

Report Title:

State Moneys; Deposit; Financial Institutions; Chartered or Authorized

Description:

Requires that a portion of state moneys be deposited in a financial institution chartered or authorized to do business in the State. Takes effect 7/1/2040; provided that a financial institution chartered or authorized to do business in the State is established. (SD1)

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