A bill pending in the Hawaii Legislature would create a new form of financial institution that state banking regulators fear would attract money launderers.

Under the measure, approved by the Hawaii House and pending in the state Senate, the new limited-purpose depository institutions would be permitted only to accept deposits of more than $200,000 from non-U.S. citizens; they would not make loans. The state government would collect 1.5% of each deposit.

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