Hawaii Revised Statutes 412:11-102 – Examination of financial institution holding company
Terms Used In Hawaii Revised Statutes 412:11-102
- 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
- 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
- Financial institution holding company: means a holding company which controls a Hawaii financial institution or which controls another financial institution holding company. See Hawaii Revised Statutes 412:1-109
- Financial institution subsidiary: means :
(1) a financial institution that is controlled by a financial institution holding company, or
(2) a financial institution holding company that is controlled by another holding company. 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
- Holding company: means any company which controls another company. See Hawaii Revised Statutes 412:1-109
The commissioner may from time to time conduct reasonable examinations of any financial institution holding company that directly owns twenty-five per cent or more of any class of voting securities of a Hawaii financial institution as may be necessary or appropriate to determine whether the condition or activities of the company are jeopardizing the safety or soundness of the operations of its financial institution subsidiary. The commissioner shall not conduct an examination of any financial institution holding company that indirectly controls a Hawaii financial institution through one or more financial institution holding companies unless the commissioner has good cause to believe that the financial institution holding company indirectly controlling the Hawaii financial institution is experiencing financial adversity that will have a material negative impact on the safety and soundness of the Hawaii financial institution. The cost of the examinations shall be assessed against and paid by the financial institution holding company in the same manner as financial institutions under § 412:2-105.