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 resolution asks the Hawaii Department of Commerce and Consumer Affairs to study how large private trusts, particularly those created under Chapter 554G of the state statutes, are currently registered and reported. The bill directs the department to review existing rules for trustees and trust companies, assess whether current laws allow for tracking the number and size of these trusts, and determine if new reporting requirements are needed for trusts with significant assets. The department must provide a report with findings and recommendations to the legislature by late 2026, focusing on creating transparency without exposing confidential beneficiary information. This measure is a procedural request for an administrative evaluation rather than a law that immediately changes how trusts operate.