489D-14  Extraordinary reporting requirements.  Within fifteen business days of the occurrence of any one of the events listed below, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee’s activities in this State.  These events are:

Terms Used In Hawaii Revised Statutes 489D-14

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.

     (1)  Any material change in information provided in a licensee’s application or annual report;

     (2)  The filing for bankruptcy or reorganization by the licensee;

     (3)  Pending or final revocation, suspension, or other enforcement action against the licensee by any state or governmental authority relating to the licensee’s money transmission activities;

     (4)  Any felony indictment of the licensee or any of its principals related to money transmission activities; and

     (5)  Any felony conviction of the licensee or any of its principals related to money transmission activities.