(a) The provisions of this chapter shall apply to all financial institutions existing on July 1, 1993, except as provided in this section.

Terms Used In Hawaii Revised Statutes 412:1-103

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Capital: means :

    (1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

    (2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Devise: To gift property by will.
  • Federal: means belonging to, part of, or related to the government of the United States of America. 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
  • Hawaii financial institution: means :

    (1) A corporation or credit union that holds a charter or license under this chapter or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, or to engage in the business of a trust company; or

    (2) A resulting bank as defined in article 12,

    and includes a corporation or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. See Hawaii Revised Statutes 412:1-109

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • surplus: includes retained earnings, whether or not transferred or allocated to surplus. 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 existence, charters, licenses, and certificates of authority of Hawaii financial institutions or foreign financial institutions formed or existing on July 1, 1993, are not affected by the enactment of this chapter nor by any change made thereby in the requirements for the formation of Hawaii financial institutions or chartering, licensing or certification of Hawaii financial institutions or foreign financial institutions, nor by the amendment or repeal thereby of the laws under which they were formed, created, chartered, licensed or certified.
(c) Except to the extent specifically provided in this chapter, the power and authority of financial institutions existing on July 1, 1993, shall not be limited or restricted in any way by the enactment of this chapter nor by the amendment or repeal of the laws under which they were formed or created, or which granted such power and authority. Except to the extent specifically provided otherwise in this chapter, no federal powers granted to Hawaii financial institutions prior to July 1, 1993, under Act 258, Session Laws of Hawaii 1969, as amended, Act 179, Session Laws of Hawaii 1969, as amended, and Act 125, Session Laws of Hawaii 1977, as amended, shall be limited or restricted in any way by the enactment of this chapter.
(d) Except as otherwise provided in this section, any Hawaii financial institution which on July 1, 1993, is not in compliance with any of the provisions of § 412:3-104, 412:3-106, capital and surplus” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>412:3-209, 412:3-500, or 412:4-104 shall within one-hundred-eighty days after July 1, 1993, inform the commissioner in writing as to the extent and nature of its noncompliance and shall simultaneously file with the commissioner a plan for achieving full compliance with such provisions. The commissioner shall thereafter review and consider the circumstances of the Hawaii financial institution and shall by order establish a date by which the institution shall fully comply, which shall not in any event be later than the third anniversary of July 1, 1993, unless otherwise provided herein or by federal law, or unless extended by the commissioner.
(e) A financial services loan company licensed in this State and actively engaged in business in this State on July 1, 1993, shall have the minimum capital and surplus required for the institution under existing law of this State immediately prior to July 1, 1993, rather than the minimum capital and surplus required under this chapter. Upon a sale or transfer to a third party of a controlling interest in the financial services loan company, other than by devise or descent, the institution shall comply with the minimum capital and surplus requirements of this chapter.
(f) Neither the enactment of this chapter nor the amendment of this chapter nor the amendment or repeal of the laws under which financial institutions existing on July 1, 1993, were formed or created shall void, render voidable, abrogate, terminate or amend any contract, agreement, lease, loan, commitment, indenture, restrictive covenant, participation agreement, trust, designation, appointment, agency, investment, certificate or other instrument of any description to which an existing financial institution is a party or by which it is bound, or under which it holds any rights or benefits, which were in effect immediately before July 1, 1993.

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