(a) Except as provided in subsection (b), an out-of-state foreign bank may establish an interstate Hawaii state branch in the same manner (including by merger or other transactions under section 44 of the Federal Deposit Insurance Act, and comparable provisions of the laws of this State, with Hawaii banks or other institutions) as, and generally subject to the same criteria, standards, conditions, requirements, and procedures applicable to the establishment of interstate branches in this State by, an out-of-state bank having the same home state in the United States, notwithstanding any provision of the laws or rules of this State to the contrary.

Terms Used In Hawaii Revised Statutes 412:13-301

  • Agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in section 1(b)(1) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Bank: means any bank as defined in: section 2(c) of the Bank Holding Company Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Branch: when used in reference to an office of a foreign bank, has the same meaning as is set forth in section 1(b)(3) of the federal International Banking Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Depository institution: means any institution that is included for any purpose within the definitions of "insured depository institution" as set forth in section 3(c)(2) and (3) of the Federal Deposit Insurance Act (12 U. See Hawaii Revised Statutes 412:13-102
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Federal Deposit Insurance Act: means the Federal Deposit Insurance Act, as amended (12 U. See Hawaii Revised Statutes 412:13-102
  • Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See Hawaii Revised Statutes 412:13-102
  • Hawaii state branch: when used in reference to an office of a foreign bank, means a branch of a foreign bank that is located in this State and licensed pursuant to this chapter, part II, of this article. See Hawaii Revised Statutes 412:13-102
  • Out-of-state bank: means a bank, the home state of which is a state other than Hawaii. See Hawaii Revised Statutes 412:13-102
  • Out-of-state foreign bank: means a foreign bank, the home state of which is a state other than Hawaii. See Hawaii Revised Statutes 412:13-102
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
  • United States: when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States. See Hawaii Revised Statutes 412:13-102
(b) Notwithstanding subsection (a), the commissioner:

(1) Shall apply to the establishment of an initial interstate Hawaii state branch, and subsequent intrastate Hawaii state branches, of any out-of-state foreign bank the same criteria, standards, conditions, requirements, and procedures applicable under part II of this article, or rules thereunder to the establishment of an initial Hawaii state branch, and of subsequent intrastate Hawaii state branches, respectively;
(2) May apply any other criteria, standards, conditions, requirements, or provisions of the laws or rules of this State that are determined by the commissioner to be substantially equivalent to or consistent with criteria, standards, conditions, requirements, or provisions of federal law or regulation generally applicable to the establishment of branches in the United States by foreign banks or specifically applicable to the establishment of a branch in the United States by the applicant foreign bank;
(3) May by rule or order allow an out-of-state foreign bank:

(A) To acquire an individual branch of any “insured bank” within the meaning of section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(h)), or of any other depository institution, including another foreign bank, without acquiring the entire bank or other institution; or
(B) To acquire or merge with another foreign bank maintaining a Hawaii state branch or agency and thereafter continue operations as its own; and
(C) To acquire or establish an interstate Hawaii state branch through any other means not inconsistent with section 5 of the federal International Banking Act (12 U.S.C. § 3103).
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