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 Senate Concurrent Resolution requests the Hawaii Department of Commerce and Consumer Affairs to evaluate how large private trusts, particularly those formed under Chapter 554G, are currently registered and reported. The bill directs the department to assess existing oversight requirements for trustees and trust companies, determine if current laws allow for asset-based reporting without exposing confidential beneficiary details, and recommend whether new transparency mechanisms are needed. The department must submit a report with findings and potential legislative proposals to the Legislature by the end of 2026. This resolution aims to improve state oversight of trust structures while maintaining privacy protections for individuals who create these financial arrangements.