(a) No Hawaii financial institution may relocate its [principal] office to another location in this State, or open or relocate any branch or agency within or outside of this State without the commissioner‘s prior written approval; provided, that approval shall not be required if the relocation will be less than one mile from the institution’s present place of business, the institution gives the commissioner written notice at least twenty days prior to the move, the type of business carried on at the new place of business will be the same as at the present place of business, and there will be no financial involvement in the relocation by a director, executive officer, or principal shareholder, or a related interest of any of these persons.

Terms Used In Hawaii Revised Statutes 412:3-503

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. See Hawaii Revised Statutes 412:1-109
  • Director: means any member of the board of directors of a financial institution, whether or not receiving compensation. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Principal shareholder: means a person other than a financial institution, that, directly or indirectly, or acting through or in concert with another, owns, controls, or has the power to vote more than ten per cent of any class of voting securities of a financial institution. See Hawaii Revised Statutes 412:1-109
  • Related interest: means

    (1) a company that is controlled by a person or

    (2) a political or campaign committee that is controlled by a person or the funds or services of which will benefit a person. See Hawaii Revised Statutes 412:1-109

  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(b) The institution shall file an application with the commissioner. The application shall be in a form prescribed by the commissioner and shall be accompanied by a fee if required by section 412:2-105.2. The application shall contain the following information:

(1) The name of the financial institution;
(2) The specific location of the proposed site of the principal office, branch, or agency;
(3) The anticipated opening date and, if open for a specified period, the end of such period;
(4) The nature of the business or transactions intended to be carried on at the location;
(5) Facts showing the necessity or justification for the proposed site and that there is a reasonable assurance of sufficient volume of business so that opening and maintaining the proposed business location will not jeopardize the solvency of the financial institution; and
(6) Any other information that the commissioner may require.
(c) If after appropriate examination and investigation, the commissioner is satisfied that the proposed opening or relocation is justified and proper, the commissioner shall approve the application in writing, with any conditions as the commissioner deems appropriate. Upon payment by a financial services loan company of the initial license fee for the new branch or agency, or the reissuance of license fee for the relocated office as established by rule pursuant to chapter 91, the commissioner shall issue a license for the new or relocated office.

  Previous
Next  
 Part V Contents