reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-200 General powers.

§412:5-200 General powers.
(a) Except as expressly prohibited or limited by this chapter, a bank shall have the power to solicit, accept and hold deposits, engage in other activities which are usual or incidental to the business of banking, and shall have all rights, powers and privileges of a corporation organized under the laws of this State including but not limited to the power to:
(1) Make loans and extensions of credit of any kind, whether unsecured or secured by real or personal property of any kind or description;
(2) Borrow money from any source within or without the State;
(3) Issue, confirm and advise letters of credit, or otherwise enter into letter of credit transactions;
(4) Enter into repurchase agreements;
(5) Accept drafts or bills of exchange and buy and sell bullion and foreign currency; and
(6) Make investments as permitted under this article.
(b) Except as otherwise expressly authorized by this chapter or by the commissioner under section 412:5-201, a bank shall not:
(1) Employ its funds, directly or indirectly, in trade or commerce, by buying or selling ordinary goods, chattels, wares, and merchandise, or by owning or operating industrial or manufacturing plants of any kind;
(2) Own or control the capital stock of any other corporation;
(3) Make loans and extensions of credit secured by its own capital stock, except in cases where the taking of the security is necessary to prevent loss upon an indebtedness previously contracted in good faith;
(4) Make loans and extensions of credit secured by the capital stock of another bank, if by making the loan the total capital stock of the other bank held by the lending bank as collateral would exceed in the aggregate fifty per cent of the capital stock of the other bank; or
(5) Engage in any business for which a real estate broker's license is required. [L 1993, c 350, pt of §1; am L 1996, c 225, §2]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-201 Powers granted under federal law.

§412:5-201
Powers granted under federal law.
(a) In this section "federal power" means any activity, right, privilege, or immunity granted to a national banking association under any federal statute, rule, regulation, interpretation or court decision.
(b) Any bank desiring to acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation or court decision, the extent of the federal power desired, the reasons for the application, and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application.
(c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other banks may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision in this chapter.
(d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section.
(e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds:
(1) That the bank has violated any conditions imposed in connection with the grant of power; or
(2) The bank has not begun to exercise such power within one year of the date it was granted.
(f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action under subsections (d) or (e) shall be taken only after the commissioner has given the bank notice of the proposed action and an opportunity to be heard. [L 1993, c 350, pt of §1; am L 2016, c 149, §7]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-202 Membership in federal banks.

§412:5-202 Membership in federal banks.
Any bank may become a member of a federal reserve bank organized under authority of the Federal Reserve Act or of a federal home loan bank organized under the Federal Home Loan Bank Act, or any successor or similar system of federal banks established by Congress, and may purchase and hold the shares of such federal bank. The bank may have and exercise all powers not in conflict with the laws of this State incident to such membership; provided, however that notwithstanding such membership the bank and its directors, officers, and shareholders shall continue to be subject to all liabilities and duties imposed upon them by any law of this State. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-206 International banking facilities.

§412:5-206 International banking facilities.
A bank may without prior approval of the commissioner establish an international banking facility anywhere in this State. An international banking facility is a set of international banking accounts under Regulation D of the Federal Reserve Board (12 C.F.R. Part 204). At least fourteen days prior to the establishment of an international banking facility any bank intending to do so shall furnish the commissioner with a copy of the statement of intention required under Regulation D. Every bank maintaining an international banking facility shall furnish the commissioner with a copy of each quarterly report required under Regulation D. [L 1993, c 350, pt of §1]
Cross References
Allowance for deduction from entire net income, see §241-3.5.
International banking corporations, see chapter 412, article 5A.
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-300 Applicability of part.

§412:5-300 Applicability of part.
This part sets forth the requirements and restrictions for lending and investments by all banks. A bank may make loans and extensions of credit and may invest its assets as may be permitted by this part and as may be provided elsewhere in this article. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-303 Loans to executive officers, directors, principal shareholders and affiliates.

§412:5-303 Loans to executive officers, directors, principal shareholders and affiliates.
No bank shall make any loan or extension of credit in violation of section 18(j) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(j) or, if the bank is a member of the Federal Reserve System, in violation of sections 22(g), 22(h), 23A or 23B of the Federal Reserve Act, 12 U.S.C. § §375a, 375b, 371c and 371c
-
1. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-306 Deposits made by banks.

§412:5-306
Deposits made by banks.
A bank may deposit any of its funds with (1) a federal reserve bank or a federal home loan bank in any amount, or (2) another depository institution, provided that the net deposits in any one depository institution does not exceed twenty-five per cent of the bank's capital and surplus, unless otherwise permitted by federal law. In this section, "net deposits in any one depository institution" means the sum of (1) balances, other than demand balances, due from the institution and (2) demand balances due from the institution, less any demand balances due to that institution if that office of the institution in which the deposit is made is located in the United States. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-300 Applicability of part.

§412:6-300 Applicability of part.
This part sets forth the requirements and restrictions for lending and investments by all savings banks. A savings bank may make loans and extensions of credit and may invest its assets as may be permitted by this part and as may be provided elsewhere in this article. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-302 Requirements and limits for certain loans.

§412:6-302
Requirements and limits for certain loans.
(a) Not less than fifty per cent of the amount of loans and extensions of credit made by a savings bank shall be in loans and extensions of credit secured by real estate.
(b) The aggregate amount loaned by any savings bank for the following types of loans, whether secured or unsecured, shall not exceed the following limits:
(1) Commercial loans: fifteen per cent of the savings bank's total assets. For purposes of this section "commercial loan" means any loan primarily for business, corporate, commercial, or agricultural purposes where the savings bank substantially relies on the borrower's general credit standing for repayment of the loan and, if the loan is secured by real property, does not primarily rely on the value of or income or projected income from the security for repayment of the loan; and
(2) Education loans: ten per cent of the savings bank's total assets. For purposes of this section, "education loan" means any loan the proceeds of which are used to pay for tuition, fees, books, and other expenses related to primary, secondary, vocational and undergraduate and postgraduate college or university education.
(c) A savings bank may reclassify or apportion a loan from one category to another in this section. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-304 Loans and extensions of credit to executive officers, directors, principal shareholders and affiliates

§412:6-304 Loans and extensions of credit to executive officers, directors, principal shareholders and affiliates
. No savings bank shall make any loan or extension of credit in violation of section 18(j) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(j). [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-307 Deposits made by savings banks.

§412:6-307 Deposits made by savings banks.
A savings bank may deposit any of its funds with (1) a federal reserve bank or a federal home loan bank in any amount, or (2) another depository institution, provided that the net deposits in any one depository institution does not exceed twenty-five per cent of the savings bank's capital and surplus, unless otherwise permitted by federal law. In this section "net deposits in any one depository institution" means the sum of (1) balances, other than demand balances, due from the institution and (2) demand balances due from the institution, less any demand balances due to that institution if that office of the institution in which the deposit is made is located in the United States. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-300 Applicability of part.

§412:7-300 Applicability of part.
This part sets forth the requirements and restrictions for lending and investments by all savings and loan associations. A savings and loan association may make loans and extensions of credit and may invest its assets as may be permitted by this part and as may be provided elsewhere in this article. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-301 General requirements for loans.

§412:7-301
General requirements for loans.
A savings and loan association shall make loans and extensions of credit that are consistent with prudent lending practices and in compliance with all applicable federal and state law. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-302 Requirements and limits for certain loans.

§412:7-302 Requirements and limits for certain loans.
(a) Not less than sixty per cent of the amount of loans and extensions of credit made by a savings and loan association shall be in loans and extensions of credit secured by real estate.
(b) The aggregate amount loaned by any savings and loan association for the following types of loans, whether secured or unsecured, shall not exceed the following limits:
(1) Commercial loans: twelve and one-half per cent of the savings and loan association's total assets. For purposes of this section "commercial loan" means any loan primarily for business, corporate, commercial, or agricultural purposes where the savings and loan association substantially relies on the borrower's general credit standing for repayment of the loan and, if the loan is secured by real property, does not primarily rely on the value of or income or projected income from the security for repayment of the loan;
(2) Education loans: five per cent of the savings and loan association's total assets. For purposes of this section, "education loan" means any loan the proceeds of which are used to pay for tuition, fees, books, and other expenses related to primary, secondary, vocational and undergraduate and postgraduate college or university education;
(3) Unsecured construction loans: five per cent of the savings and loan association's total assets. For purposes of this section, "unsecured construction loan" means any loan to provide financing for what is expected to be residential real estate and where the savings and loan association relies primarily on the borrower's general credit and projected future income, if any, from such completed construction.
(c) A savings and loan association may reclassify or apportion a loan from one category to another in this section. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-303 Limitations on loans and extensions of credit to one borrower.

§412:7-303
Limitations on loans and extensions of credit to one borrower.
A savings and loan association shall comply with the lending limitations with respect to one borrower contained in section 5u of the Home Owners' Loan Act of 1933, as amended, 12 U.S.C. §1464u. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-304 Loans and extensions of credit to executive officers, directors, principal shareholders and affiliates.

§412:7-304
Loans and extensions of credit to executive officers, directors, principal shareholders and affiliates.
No savings and loan association shall make any loan or extension of credit in violation of section 11 of the Home Owners' Loan Act of 1933, as amended, 12 U.S.C. §1468. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-307 Deposits made by savings and loan associations.

§412:7-307
Deposits made by savings and loan associations.
A savings and loan association may deposit any of its funds with (1) a Federal Reserve bank or a federal home loan bank in any amount, or (2) another depository institution, provided that the net deposits in any one depository institution does not exceed twenty-five per cent of the savings and loan association's capital and surplus, unless otherwise permitted by federal law. In this section "net deposits in any one depository institution" means the sum of (1) balances, other than demand balances, due from the institution and (2) demand balances due from the institution, less any demand balances due to that institution if that office of the institution in which the deposit is made is located in the United States. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-400 Definitions.

§412:5-400 Definitions.
In this chapter:
"Intra-Pacific bank" is a depository institution or a banking company (1) engaged in the type of business permitted to banks chartered by this State, (2) whose home office is located in a reciprocal region, (3) a majority of whose deposits together with the deposits of its subsidiaries and affiliates are held in a reciprocal region, and (4) which is not directly or indirectly owned or controlled by any holding company other than an intra-Pacific bank holding company.
"Intra-Pacific bank holding company" is a holding company whose subsidiary banking companies hold a majority of the aggregate deposits in a reciprocal region.
"Reciprocal region" means any one of the territories or countries of Guam, American Samoa, the Federated States of Micronesia, the Republic of Palau, the Commonwealth of the Northern Mariana Islands, or the Republic of the Marshall Islands, only so long as:
(1) Its economy is based on the United States dollar; and
(2) Its laws allow a bank that is a Hawaii financial institution or its holding company to establish and operate a branch or acquire the assets or control of or merge with a bank or bank holding company in that territory or country, under terms and conditions which are substantially comparable to or less restrictive than the laws of this State concerning the commencement of operations, acquisitions, change of control and mergers of banks and bank holding companies. [L 1993, c 350, pt of §1; am L 1996, c 13, §7]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-401 Required approval.

§412:5-401 Required approval.
No intra-Pacific bank or intra-Pacific bank holding company may engage in business in this State, except in one of the following three forms:
(1) Branch. An intra-Pacific bank may establish or acquire one or more branches in this State if it obtains the prior approval of the commissioner under this chapter to operate such branch or branches;
(2) Subsidiary of an intra-Pacific bank. An intra-Pacific bank may establish or acquire, directly or indirectly, the assets of or control over or merge with a bank that is a Hawaii financial institution or its holding company if the intra-Pacific bank obtains the prior approval of the commissioner and:
(A) Complies with the requirements of this chapter as to mergers and acquisitions; and
(B) Obtains a charter under this chapter to engage in business as a bank;
(3) Subsidiary of an intra-Pacific bank holding company. An intra-Pacific bank holding company may establish or acquire, directly or indirectly, the assets of or control over or merge with a bank that is a Hawaii financial institution or acquire control over or merge with, its holding company if the intra-Pacific bank holding company obtains the prior approval of the commissioner and:
(A) Complies with the requirements of this chapter as to mergers and acquisitions; or
(B) Obtains a charter under this chapter to engage in business as a bank. [L 1993, c 350, pt of §1; am L 2016, c 149, §8]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-402 Procedure to obtain approval.

§412:5-402 Procedure to obtain approval.
(a) In order to obtain prior approval of the commissioner, the applicant shall file the application required by and comply with the provisions of article 3. The application shall be accompanied by the application fee assessed pursuant to section 412:2-105.2. The application shall contain the following information:
(1) The applicant's articles of incorporation and bylaws, or other basic governing documents;
(2) A certificate from the appropriate regulatory body where its home office is located, indicating that the applicant is in good standing in that jurisdiction; and
(3) Any other information required by the commissioner.
(b) In approving any transaction under this part, the commissioner shall consider in addition to the grounds for approval contained in article 3, the following:
(1) The laws of the reciprocal region allow a bank that is a Hawaii financial institution or its holding company to establish and operate a branch or acquire the assets or control of or merge with a bank or bank holding company in that territory or country, under terms and conditions which are substantially comparable to or less restrictive than the laws of this State concerning the commencement of operations, acquisitions, change of control and mergers of banks and bank holding companies; and
(2) The applicant's controlling persons are of good moral character and sound financial standing, its management is competent and sufficiently experienced, it is likely to comply with all applicable laws, and its establishment will serve the public convenience and advantage.
(c) Where an intra-Pacific bank branch is being established, the minimum number and qualifications of persons serving on the board of directors of an intra-Pacific bank shall be established by the applicable law of its home office. [L 1993, c 350, pt of §1; am L 2006, c 228, §33; am L 2013, c 172, §23]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-403 Examination and regulation.

§412:5-403 Examination and regulation.
Every intra-Pacific bank shall be subject to examination and regulation by the commissioner, and shall pay fees and costs to the same extent as any bank chartered under the laws of this State. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-404 Termination of authority of intra-Pacific bank.

§412:5-404 Termination of authority of intra-Pacific bank.
The authority of any intra-Pacific bank to engage in the business of a bank in this State pursuant to this part shall automatically terminate at such time as it no longer meets the definition of an intra-Pacific bank under section 412:5
-
400. In such case it shall:
(1) Immediately notify the commissioner of that circumstance;
(2) Cease accepting deposits in this State, and cease making loans and investments in this State;
(3) Within thirty days, adopt a plan for the orderly liquidation of its assets, or its orderly divestiture pursuant to this chapter, and submit such plan to the commissioner; and
(4) Take such other measures and actions as shall be directed by the commissioner. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-405 Termination of authority of intra-Pacific bank holding company.

§412:5-405 Termination of authority of intra-Pacific bank holding company.
(a) A financial institution holding company ceases to be an intra-Pacific bank holding company at such time as it no longer meets the definition of an intra-Pacific bank holding company under section 412:5-400.
(b) A financial institution holding company which loses its status as an intra-Pacific bank holding company shall immediately divest itself of its direct or indirect control of any financial institution subsidiary chartered or approved by this State. Failure to accomplish such divestiture within thirty days after termination of its intra-Pacific bank holding company status shall be grounds for the suspension or revocation of the financial institution subsidiary's charter or approval. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-406 Paid-in capital and surplus.

§412:5-406 Paid-in capital and surplus.
Every intra
-
Pacific bank engaged in banking in this State shall at all times have paid-in capital and surplus of not less than the minimum amount provided by this chapter for banks which are Hawaii financial institutions. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5-407 Same powers and duties as banks.

§412:5-407 Same powers and duties as banks.
An intra-Pacific bank engaged in banking in this State shall have all powers and duties allowed by and imposed on all banks chartered by this State, including without limitation the authority to accept deposits, make loans, borrow money and make investments, and the duty to file reports with the commissioner and insure its deposits in this State with a federal agency. An intra-Pacific bank shall also be subject to and liable for all fines and penalties provided by this chapter. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-100 Applicability of other provisions of this chapter.

Note
Article heading amended by L 1996, c 155, §3.
PART I. GENERAL PROVISION
§412:5A-100 Applicability of other provisions of this chapter.
Unless otherwise expressly provided in this article, the entities covered by this article shall have none of the powers generally given to Hawaii financial institutions under this chapter. Neither shall such entities be required to file any reports or give any notices except as may be expressly provided in this article. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-200 Scope and definitions.

Note
Part heading amended by L 1996, c 155, §4.
§412:5A-200 Scope and definitions.
(a) As used in this chapter an "international banking corporation" means a corporation which has authority to operate as an international banking corporation under this part and has been required to use the term "international banking corporation," or such other term approved by the commissioner and containing the word "international," "foreign," "overseas," or some similar word as part of its name. The term "international banking corporation" also includes a person that was organized and operating under chapter 405 prior to the enactment of this chapter.
(b) The existence, charters, licenses, and certificates of authority of international banking corporations 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 international banking corporations, 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 international banking corporations 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. [L 1993, c 350, pt of §1]
Revision Note
"July 1, 1993," substituted for "the effective date of this chapter".
Cross References
International banking facilities, see §412:5-206.
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-201 Application; fee; approval.

§412:5A-201
Application; fee; approval.
(a) No bank may establish a corporation to engage in foreign or international banking and other foreign or international financial activities unless it has filed an application with the commissioner and received approval and authority to establish an international banking corporation and to exercise the powers set forth in this part.
(b) The application shall be on a form prescribed by the commissioner and shall contain any information that the commissioner may require.
(c) In granting authority to a bank to establish an international banking corporation, the commissioner may impose such conditions that are in the public interest, including but not limited to the filing of periodic reports or notices. [L 1993, c 350, pt of §1; am L 2016, c 149, §9]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-202 Majority ownership by bank.

§412:5A-202
Majority ownership by bank.
A majority of the shares of the capital stock of every international banking corporation shall be owned by a bank that is a Hawaii financial institution, a national bank whose operations are principally conducted in this State, or a wholly-owned subsidiary of either of the foregoing. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-203 Paid-in capital and surplus.

§412:5A-203 Paid-in capital and surplus.
Every international banking corporation shall at all times have paid-in capital and surplus in such amounts as shall be established for all international banking corporations by rule by the commissioner; provided, that:
(1) Paid-in capital shall at no time be less than $750,000, except that upon receiving its approval the international banking corporation need have only twenty-five per cent of the required capital paid-in, and the remainder may be paid up in installments of at least ten per cent of total required capital every two months thereafter; and
(2) The minimum required surplus shall be twenty per cent of capital and need not be paid in or accumulated unless and until the international banking corporation has declared a dividend, whereupon at least ten per cent of its net profits shall be paid to surplus until the required minimum surplus has been fully paid up. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-204 Prohibition of business in United States.

§412:5A-204 Prohibition of business in United States.
No international banking corporation shall carry on any part of its business in the United States except as shall, in the judgment of the commissioner, be incidental to its international or foreign business. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-206 Acceptance of deposits and reserves.

§412:5A-206 Acceptance of deposits and reserves.
An international banking corporation may only accept deposits subject to the provisions of this article. Whenever an international banking corporation receives deposits in the United States, as may be authorized by this section, it shall carry reserves in such amounts as the commissioner may prescribe, but in no event less than ten per cent of its total deposits in the United States. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-207 Deposit of corporate funds.

§412:5A-207 Deposit of corporate funds.
No international banking corporation shall deposit its funds with another financial institution except in a federal reserve bank, unless the other financial institution has been designated a depository by the board of directors of the international banking corporation. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-209 Acquisition of stock in competing corporation.

§412:5A-209
Acquisition of stock in competing corporation.
No international banking corporation shall purchase, own, or hold stock or certificates of ownership in any other international banking corporation or any Edge corporation or similar corporation organized under the laws of the United States or any state if the effect within the United States of such purchase, ownership, or holding may be substantially to lessen competition or tend to create a monopoly or restraint of trade. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-210 Acquisition of stock to save a loss.

§412:5A-210
Acquisition of stock to save a loss.
Nothing in this part shall prevent an international banking corporation from acquiring and holding stock in any corporation if the acquisition is necessary to prevent a loss upon a debt previously contracted in good faith; provided, that stock so acquired shall within twelve months from the acquisition be sold or disposed of at public or private sale, or within such further time as may be granted by the commissioner. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-211 Prohibited corporate activities.

§412:5A-211 Prohibited corporate activities.
No international banking corporation shall directly or indirectly:
(1) Engage in commerce or trade in commodities, except as specifically provided in this part, or control or fix, or attempt to control or fix, the price of any commodities; or
(2) Make any discount to any person for the purpose of enabling the person to pay for or hold shares of its stock either subscribed for or purchased by the person.
Any violation of this section shall subject the international banking corporation to the revocation of its approval, and to such penalties and administrative fines prescribed under article 2. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-212 Improper discounting of loans.

§412:5A-212 Improper discounting of loans.
No officer, director, agent or employee of an international banking corporation shall directly or indirectly, as an individual, purchase any loan or other obligation at a discount, or make any loan using a receivable as collateral, when such person knows that the loan or other obligation has been offered to the corporation and has been refused. Any violation of this section shall subject the violator to a civil penalty equal to twice the amount of the consideration given for the loan. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-213 Improper fixing of commodity prices.

§412:5A-213
Improper fixing of commodity prices.
Any director, officer, agent, or employee of any international banking corporation who knowingly uses or conspires to use the credit, funds, or power of the international banking corporation to fix or control the price of any commodities shall be guilty of a misdemeanor punishable pursuant to sections 706
-
663 and 706
-
640. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:5A-214 Misrepresentation of state liability for bonds.

§412:5A-214 Misrepresentation of state liability for bonds.
Any person connected in any capacity with an international banking corporation who represents in any way that the State is liable for the payment of any bond or other obligation, or the interest thereon, issued or incurred by any international banking corporation, or that the State is liable for any act or omission of the international banking corporation shall be guilty of a class C felony punishable pursuant to sections 706
-
660 and 706
-
640. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-101 Necessity for savings bank charter.

§412:6-101 Necessity for savings bank charter.
Except as expressly permitted by federal law or this chapter, no person shall engage in any activity for which a charter to operate as a savings bank is required by this chapter, including without limitation the solicitation, acceptance, and holding of deposits in this State, the use of the term "savings bank", or the exercise of such other powers or privileges restricted to savings banks under applicable law, unless it is a corporation incorporated in this State and has such a savings bank charter. [L 1993, c 350, pt of §1; am L 2002, c 40, §30]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-200 General powers.

§412:6-200 General powers.
(a) Except as expressly prohibited or limited by this chapter, a savings bank shall have the power to solicit, accept and hold deposits, engage in other activities which are usual or incidental to the business of a savings bank, and shall have all rights, powers and privileges of a corporation organized under the laws of this State including but not limited to the power to:
(1) Make loans and extensions of credit of any kind, whether unsecured or secured by real or personal property of any kind or description;
(2) Borrow money from any source, within or without the State;
(3) Enter into repurchase agreements;
(4) Buy and sell foreign currency; and
(5) Make investments as permitted under this article.
(b) Except as otherwise expressly authorized by this chapter or by the commissioner under section 412:6-201, a savings bank shall not:
(1) Employ its funds, directly or indirectly, in trade or commerce, by buying or selling ordinary goods, chattels, wares, and merchandise, except as an incidental operation or when related to another permitted activity, or by owning or operating industrial or manufacturing plants of any kind;
(2) Own or control the capital stock of any other corporation after July 1, 1994;
(3) Deal in gold bullion, except a savings bank may buy and sell gold coins minted by the United States Treasury; or
(4) Engage in any business for which a real estate broker's license is required, in any business for which an insurance producer license is required, or in any business of a securities broker or dealer. This prohibition shall not apply to the sale of credit life and other forms of credit related insurance products and shall not affect previous licenses or approvals granted to sell securities or non-credit related forms of insurance. [L 1993, c 350, pt of §1; am L 2003, c 212, §10]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-201 Powers granted under federal law.

§412:6-201
Powers granted under federal law.
(a) In this section "federal power" means any activity, right, privilege, or immunity granted to a federal savings bank under any federal statute, rule, regulation, interpretation or court decision.
(b) Any savings bank desiring to acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation, or court decision; the extent of the federal power desired; the reasons for the application; and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application.
(c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other savings banks may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision in this chapter.
(d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section.
(e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds:
(1) That the savings bank has violated any conditions imposed in connection with the grant of power; or
(2) The savings bank has not begun to exercise such power within one year of the date it was granted.
(f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action under subsections (d) or (e) shall be taken only after the commissioner has given the savings bank notice of the proposed action and an opportunity to be heard. [L 1993, c 350, pt of §1; am L 2013, c 172, §24]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:6-202 Membership in federal home loan bank.

§412:6-202
Membership in federal home loan bank.
Any savings bank may become a member of a federal home loan bank organized under authority of the Federal Home Loan Bank Act, or any successor or similar system of federal home loan banks established by Congress, and may purchase and hold the shares of such federal home loan bank. The savings bank may have and exercise all powers not in conflict with the laws of this State incident to such membership; provided, however that notwithstanding such membership the savings bank and its directors, officers, and shareholders shall continue to be subject to all liabilities and duties imposed upon them by any law of this State. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-100 Definition.

§412:7-100 Definition.
In this article, "savings and loan association" means a corporation that has the authority to operate as a savings and loan association under this chapter. [L 1993, c 350, pt of §1; am L 2006, c 228, §37]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-101 Necessity for savings and loan association charter.

§412:7-101 Necessity for savings and loan association charter.
Except as expressly permitted by federal law or this chapter, no person shall engage in any activity for which a charter to operate as a savings and loan association is required by this chapter, including without limitation the solicitation, acceptance, and holding of deposits in this State, the use of the term "savings and loan association", or the exercise of such other powers or privileges restricted to savings and loan associations under applicable law, unless it is a corporation incorporated in this State and has such a charter. [L 1993, c 350, pt of §1; am L 2002, c 40, §31]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-200 General powers.

§412:7-200 General powers.
(a) Except as expressly prohibited or limited by this chapter, a savings and loan association shall have the power to solicit, accept and hold deposits, engage in other activities which are usual or incidental to the business of a savings and loan association, and shall have all rights, powers and privileges of a corporation organized [under] the laws of this State including but not limited to the power to:
(1) Make loans and extensions of credit of any kind, whether unsecured or secured by real or personal property of any kind or description;
(2) Borrow money from any source within or without the State;
(3) Enter into repurchase agreements;
(4) Buy and sell foreign currency; and
(5) Make investments as permitted under this article.
(b) Except as otherwise expressly authorized by this chapter or by the commissioner under section 412:7-201, a savings and loan association shall not:
(1) Employ its funds, directly or indirectly, in trade or commerce, by buying or selling ordinary goods, chattels, wares, and merchandise, except as an incidental operation or when related to another permitted activity, or by owning or operating industrial or manufacturing plants of any kind;
(2) Own or control the capital stock of any other corporation after July 1, 1994;
(3) Deal in gold bullion, except a savings and loan association may buy and sell gold coins minted by the United States Treasury; or
(4) Engage in any business for which a real estate broker's license is required, in any business for which an insurance producer license is required, or in any business of a securities broker or dealer. This prohibition shall not apply to the sale of credit life and other forms of credit related insurance products and shall not affect previous licenses or approvals granted to sell securities or non-credit related forms of insurance. [L 1993, c 350, pt of §1; am L 2003, c 212, §11]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-201 Powers granted under federal law.

§412:7-201
Powers granted under federal law.
(a) In this section "federal power" means any activity, right, privilege, or immunity granted to a federal savings and loan association under any federal statute, rule, regulation, interpretation or court decision.
(b) Any savings and loan association desiring to acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation or court decision, the extent of the federal power desired, the reasons for the application, and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application.
(c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other savings and loan associations may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision in this chapter.
(d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section.
(e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds:
(1) That the savings and loan association has violated any conditions imposed in connection with the grant of power; or
(2) The savings and loan association has not begun to exercise such power within one year of the date it was granted.
(f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action under subsections (d) or (e) shall be taken only after the commissioner has given the savings and loan association notice of the proposed action and an opportunity to be heard. [L 1993, c 350, pt of §1; am L 2016, c 149, §11]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:7-202 Membership in federal home loan bank.

§412:7-202
Membership in federal home loan bank.
Any savings and loan association may become a member of a federal home loan bank organized under authority of the Federal Home Loan Bank Act, or any successor or similar system of federal home loan banks established by Congress, and may purchase and hold the shares of such federal home loan bank. The savings and loan association may have and exercise all powers not in conflict with the laws of this State incident to such membership; provided, however that notwithstanding such membership the savings and loan association and its directors, officers, and shareholders shall continue to be subject to all liabilities and duties imposed upon them by any law of this State. [L 1993, c 350, pt of §1]
2023 Hawaii Revised Statutes › Title 22. Banks and Financial Institutions › 412. Code of Financial Institutions › 412:8-100 Applicability of article.

§412:8-100 Applicability of article.
This article shall apply to all financial institutions chartered under this article as trust companies or otherwise authorized to engage in the trust business under this chapter, whether the business of such institution is carried on in this State or elsewhere. The powers and duties of trustees imposed by case law shall not be affected by this chapter unless a provision hereof conflicts with such case law, in which event this chapter shall control. [L 1993, c 350, pt of §1]