REQUESTING THE DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS TO EVALUATE REGISTRATION, REPORTING, AND TRANSPARENCY MECHANISMS FOR TRUSTS FORMED UNDER CHAPTER 554G, HAWAII REVISED STATUTES, AND OTHER LARGE PRIVATE TRUSTS.

This resolution asks Hawaii's Department of Commerce and Consumer Affairs to study how large private trusts, particularly those created under Chapter 554G, are currently registered and reported to the state. The study will examine whether existing laws allow for tracking these trusts and whether new reporting requirements should be added to help policymakers understand their scale and economic impact. The department must submit its findings and recommendations to the Legislature by early 2027, which may include suggestions for new laws to improve transparency without revealing confidential beneficiary information. This request for evaluation is intended to inform future policy decisions regarding oversight of sophisticated trust structures in Hawaii.