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 House 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 resolution directs the department to review existing rules for trustees and trust companies, assess whether current laws allow for tracking these trusts by asset size, and determine if new reporting requirements are needed. The department must provide its findings and recommendations to the legislature by early 2027, including any proposed legislation to improve transparency for trusts with significant assets. This request aims to help policymakers understand the scale and economic impact of these financial arrangements without revealing confidential beneficiary information.