reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 4 - STANDARDS OF REVIEW; DECISIONS › Section 16-28-27 - Criteria for proposed escrow depositories

Current through June, 2024
The criteria applied to license applications includes, but
				  is not limited to:
(1) General
				character of management. The quality of an escrow depository's management is
				vital and perhaps the single most important element in determining the
				applicant's acceptability as an escrow depository. When the management of a
				proposed escrow depository does not have an operating record as a functioning
				unit to assist in forming a judgment, the management review may require an
				evaluation of the individual officers, directors, and escrow officer.
An evaluation of shareholders who are subscribing to five
				  per cent or more of the aggregate par value of stock to be issued may also be
				  appropriate in reviewing the general character of management.
(A) In evaluating each officer, director, and
				escrow officer, and each shareholder subscribing to more than five per cent of
				the stock to be issued, the division shall consider, among other things, the
				following factors:
(i) Their current and past
				business experiences, financial capacities, and financial interests;
(ii) Their proposed duties and
				responsibilities as related to their business experience and
				capabilities;
(iii) Their
				familiarity with the community or trade area; and
(iv) Any financing arrangements to purchase
				stock of the proposed escrow depository.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 4 - STANDARDS OF REVIEW; DECISIONS › Section 16-28-29 - Action on application; denial of application

Current through June, 2024
(a) Any
				complete application which is not approved or denied by the commissioner within
				a period of one year after the application is filed with the commissioner,
				shall be deemed approved by the commissioner as of the first day after the
				period of one year. For purposes of this section, an application is deemed to
				be filed with the commissioner at the time when the complete application,
				including any amendments or supplements, containing all of the information in
				the form required by the commissioner, is received and accepted by the
				commissioner.
(b) If the
				commissioner is satisfied that the applicant meets the relevant criteria, the
				commissioner shall issue a written final decision and order approving the
				application.
(c) If the
				commissioner is not satisfied that the applicant meets the statutory criteria,
				the commissioner shall issue a written decision denying the application, which
				shall include a statement of the reasons for the denial.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 4 - STANDARDS OF REVIEW; DECISIONS › Section 16-28-30 - Decision denying application subject to administrative hearing; final decision and order

Current through June, 2024
(a) Within fifteen
				days following receipt of a decision denying the application, the applicant may
				petition the commissioner for an administrative hearing which shall be held in
				accordance with chapter 91, HRS, and chapter 16-201.
(b) If a petition for an administrative
				hearing is not filed within the time specified, the commissioner's decision
				denying the application shall become a final decision and order denying the
				application.
(c) Upon the filing of
				a petition for an administrative hearing, and as expeditiously as possible, the
				commissioner shall assign the petition to a hearings officer for further
				proceedings pursuant to chapter 16-201. The commissioner shall issue a written
				final decision and order as expeditiously as possible, following the hearings
				officer's transmittal of the entire record together with the recommended
				decision, any timely filed exceptions, and any timely filed statements in
				support of the recommended decision.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 5 - BONDS AND INSURANCE › Section 16-28-35 - Net capital bond

Current through June, 2024
(a) In lieu of the net capital requirement of
				$50,000, an escrow depository may file a bond for $50,000, in a form prescribed
				by the commissioner, conditional upon its satisfactory performance of escrow
				conditions and satisfaction of escrow responsibilities. The escrow depository
				shall request the approval of the commissioner to file a $50,000 bond, cash in
				the amount of $50,000, or a combination of its net capital and bond totalling
				$50,000.
(b) For cash bonds, the
				escrow depository shall file an agreement in a form prescribed by the
				commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 5 - BONDS AND INSURANCE › Section 16-28-36 - Escrow depository's bond

Current through June, 2024
(a) The escrow
				depository shall file and execute an escrow depository's bond in a form
				prescribed by the commissioner in an amount not less than $100,000. No
				deductible amount shall be permitted.
(b) In lieu of the escrow depository's bond,
				the escrow depository may deposit $100,000 in the form of a certificate of
				deposit, an unconditional and irrevocable letter of credit, or securities
				acceptable to the commissioner, together, in each instance, with an agreement
				in a form prescribed by the commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 5 - BONDS AND INSURANCE › Section 16-28-37 - Fidelity bond

Current through June, 2024
(a) The escrow depository shall file a
				fidelity bond executed by a surety insurer authorized to do business in the
				State in an amount not less than $25,000, provided that cash equivalent to any
				deductible amount in excess of $5,000 is maintained, pursuant to an agreement
				in a form prescribed by the commissioner. The fidelity bond shall apply to all
				officers, directors, and employees of the escrow depository who have access to
				cash, negotiable instruments, or securities within the possession and control
				of the escrow depository.
(b) In
				lieu of the fidelity bond, the escrow depository may deposit $25,000 in the
				form of a certificate of deposit, an unconditional and irrevocable letter of
				credit, or securities acceptable to the commissioner, together, in each
				instance, with an agreement in a form prescribed by the commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 5 - BONDS AND INSURANCE › Section 16-28-38 - Errors and omissions insurance

Current through June, 2024
(a) The escrow
				depository shall maintain and file a policy of errors and omissions insurance
				in an amount not less than $100,000, provided that cash equivalent to any
				deductible amount in excess of $10,000 is maintained pursuant to an agreement
				in a form prescribed by the commissioner.
(b) In lieu of the policy of errors and
				omissions insurance, the escrow depository may file $100,000 in the form of a
				certificate of deposit, an unconditional and irrevocable letter of credit, or
				securities acceptable to the commissioner, together, in each instance, with an
				agreement in a form prescribed by the commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 8 - ENFORCEMENT ACTION › Section 16-28-55 - Suspension or revocation of escrow depository license

Current through June, 2024
(a)
				The commissioner may suspend or revoke the license of an escrow depository,
				based on any of the grounds set forth in section
				449-17,
				HRS.
(b) The commissioner shall
				give the escrow depository notice and an opportunity for a hearing in
				conformity with chapter 91, HRS. The notice shall be given in writing by
				registered or certified mail at least twenty days before the hearing, with
				return receipt requested.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 31 - CREDIT UNIONS › Section 16-31-1 - Definitions

Current through June, 2024
As used in this chapter:
"Commissioner" means the commissioner of financial
				institutions of this State.
"Credit union" means a cooperative, nonprofit association,
				chartered under chapter 412, Hawaii Revised Statutes, for the purposes of
				encouraging thrift among its members, creating a source of credit at a fair and
				reasonable rate of interest, and providing an opportunity for its members to
				use and control their own money to improve their economic and social
				condition.
"Risk assets" means all assets except the following:
(1) Cash on hand;
(2) Deposits or shares in federally or state-insured banks,
				savings and loan associations, and credit unions;
(3) Assets which are insured by, fully guaranteed as to
				principal and interest by, or due from the United States government, its
				agencies, the Federal National Mortgage Association, or the Government National
				Mortgage Association;
(4) Loans to other credit unions;
(5) Loans to students insured under the provision of Title IV,
				Part B of the Higher Education Act of 1965 (
				20
				U.S.C. 1071 et seq.) or similar state
				insurance programs;
(6) Loans insured under Title I of the National Housing Act (
				12 U.S.C.
				1703 ) by the Federal Housing
				Administration;
(7) Shares or deposits in central credit unions;
(8) Common trust investments which deal in investments
				authorized by the Federal Credit Union Act;
(9) Prepaid expenses;
(10) Accrued interest on nonrisk investments;
(11) Furniture and equipment; and
(12) Land and buildings owned by the credit
				union.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 31 - CREDIT UNIONS › Section 16-31-12 - Bonds

Current through June, 2024
(a) The board of directors of each credit
			 union shall review at least annually the bond coverage in force in order to
			 ascertain the adequacy of the coverage in relation to the exposure and to the
			 minimum requirements fixed from time to time by the commissioner or by
			 applicable law.
(b) The surety
			 insurer shall be authorized to do business in Hawaii.
(c) A credit union whose surety bond coverage
			 is terminated shall submit written notice to the commissioner no less than
			 thirty-five days prior to the effective date of such termination.
(d) The commissioner may require additional
			 coverage for any credit union should the commissioner find that the surety
			 bonds in force are insufficient to provide adequate surety coverage. It shall
			 be the duty of the board of directors to obtain such additional coverage within
			 thirty days after the date of written notice.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 31 - CREDIT UNIONS › Section 16-31-21 - Amendment of articles of association and bylaws

Current through June, 2024
A credit union may amend its bylaws and articles of
				association as provided by the bylaws. The amendment of the bylaws or of the
				articles of association shall not become effective until approved in writing by
				the commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-1 - Applicability

Current through June, 2024
This chapter shall apply to all programs, both present and
				  future, within the jurisdiction of the business registration division; provided
				  that this chapter shall not apply to the administration of the State's
				  securities act, and the solicitation of funds from the
				  public.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-2 - Definitions

Current through June, 2024
As used in this chapter:
"Agricultural cooperative association annual report" means
				  the annual report required to be delivered for filing by agricultural and
				  fishing cooperative associations.
"Business entity" means and includes a profit corporation,
				  nonprofit corporation, professional corporation, agriculture cooperative
				  association, general partnership, limited partnership, limited liability
				  partnership, and limited liability company, or any other legal or commercial
				  entity.
"Division" means the business registration division of the
				  department of commerce and consumer affairs.
"Document" means any executed article, agreement, affidavit,
				  certificate, declaration, petition, application, statement, annual report, and
				  every kind of paper, except correspondence, filed in the division in accordance
				  with statutory requirement.
"Filed" means that a document has been received and entered
				  of record by the division in accordance with statutory requirements.
"Official forms" means forms adopted and provided by the
				  division and which are required to be used by the public.
"Registrant" means the person to whom a certificate of
				  registration of trade name, trademark, service mark, print, or label has been
				  issued, and includes the assignee of a registrant.
"State" means the State of Hawaii.
"Unofficial forms" means forms provided by the division for
				  the convenience of the public, the use of which is optional.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-3 - Filings

Current through June, 2024
(a) Unless otherwise provided, all documents
				shall be:
(1) Typewritten, photocopied, or
				printed in black ink on one side of the page. Standard pica or elite print or
				larger shall be used. Dot matrix printing may be accepted at the discretion of
				the division administrator if it is printed in black ink and if it is plainly
				legible;
(2) Signed in black
				ink;
(3) On bond paper which shall
				be white and
				8-1/2 x 11
				inches;
(4) Plainly legible and if
				signatures cannot be read, names shall be typed below signatures;
(5) Of permanent nature; and
(6) In the English language.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-4 - Forms and instructions

Current through June, 2024
Except as otherwise provided by law, the following official
				  forms shall be filed with the division:
(1) X-1 Application for reservation of
				name;
(2) T-1 Application for
				registration of trade name;
(3) T-2
				Application for registration of trademark;
(4) T-3 Application for registration of
				service mark;
(5) Agricultural
				cooperative association annual report;
(6) Domestic/foreign profit corporation
				annual report;
(7) Domestic
				professional corporation annual report;
(8) Domestic/foreign nonprofit corporation
				annual report;
(9) Domestic/foreign
				general partnership annual statement;
(10) Domestic/foreign limited partnership
				annual statement;
(11)
				Domestic/foreign limited liability company annual report; and
(12) Domestic/foreign limited liability
				partnership annual statement.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-5 - Fees

Current through June, 2024
(a) Statutory fees shall be paid at the time
				of submission of documents for filing. Payment for copies of documents
				reproduced or prepared by the division shall be made prior to actual
				reproduction or preparation. Payment for copies of publications shall be
				received before the publications are mailed or delivered.
(b) No refunds shall be made of fees lawfully
				imposed except in the case of special handling fees. Special handling fees may
				be refunded if it is determined that a special handling document has not been
				reviewed within a period set by the division administrator at the time the
				document is submitted. In case a document is rejected or withdrawn and is not
				resubmitted within ten days, the document is deemed not filed and the filing
				fee shall not be refunded.
(c) The
				fee for the duplication or copying of microfiche records shall be $2.50 per
				microfiche.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 1 - GENERAL PROVISIONS › Section 16-36-5.5 - Action on documents submitted to the division; automatic approval; extension

Current through June, 2024
(a) Unless
				otherwise provided by law, all documents submitted to the division shall be
				accepted or rejected for filing within ninety days after the submission of
				completed documents.
(b) For
				purposes of this section, "completed documents" means documents that comply
				with the applicable requirements of this chapter and chapters
				414,
				414D, 415A, 421,
				425,
				425D,
				428, and
				482, HRS, as determined by the
				division administrator.
(c) After
				the ninety day period, the completed document shall be automatically accepted
				for filing by the division.
(d) The
				ninety day period shall be extended in the discretion of the division
				administrator in accordance with the provisions of section
				91-13.5,
				HRS, provided that the extension shall not exceed an additional ninety
				days.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-10 - Filing of domestic profit and nonprofit corporation annual reports

Current through June, 2024
(a) All corporations shall deliver for filing
				the first annual report as of the anniversary date of incorporation within the
				time periods prescribed in section 16-36-11.10.
(b) An annual report shall be filed annually
				even though a corporation may have been inactive for that period.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11 - Filing of foreign profit and nonprofit corporation annual reports

Current through June, 2024
(a) All corporations shall deliver for filing
				the first annual report as of the anniversary date in which the corporation
				registered within the time periods prescribed in section 16-36-11.10.
(b) An annual report shall be delivered for
				filing annually even though a corporation may have been inactive for that
				period.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11.3 - Filing of domestic and foreign general partnership annual statements

Current through June, 2024
All domestic and foreign general partnerships shall deliver
				  for filing the first annual statement as of the anniversary date in which the
				  partnership registered within the time periods prescribed in section
				  16-36-11.10.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11.5 - Filing of domestic and foreign limited partnership annual statements

Current through June, 2024
All domestic and foreign limited partnerships shall deliver
				  for filing the first annual statement as of the anniversary date in which the
				  partnership registered within the time periods prescribed in section
				  16-36-11.10.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11.7 - Filing of domestic and foreign limited liability partnership annual reports

Current through June, 2024
All domestic and foreign limited liability partnerships
				  shall deliver for filing the first annual report as of the anniversary date in
				  which the limited liability partnership registered within the time periods
				  prescribed in section
				  16-36-11.10.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11.9 - Filing of domestic and foreign limited liability company annual reports

Current through June, 2024
All domestic and foreign limited liability companies shall
				  deliver for filing the first annual report as of the anniversary date in which
				  the limited liability company registered within the time periods prescribed in
				  section 16-36-11.10.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-11.10 - Filing due dates for all domestic and foreign entities

Current through June, 2024
For all domestic and foreign entities whose date of
				  incorporation or registration in this State falls between:
(1) January 1 and March 31, an annual report
				or statement shall be filed on or before March 31 of each year and shall
				reflect the state of the entity's affairs as of January 1 of the year when
				filed;
(2) April 1 and June 30, an
				annual report or statement shall be filed on or before June 30 of each year and
				shall reflect the state of the entity's affairs as of April 1 of the year when
				filed;
(3) July 1 and September 30,
				an annual report or statement shall be filed on or before September 30 of each
				year and shall reflect the state of the entity's affairs as of July 1 of the
				year when filed; and
(4) October 1
				and December 31, an annual report or statement shall be filed on or before
				December 31 of each year and shall reflect the state of the entity's affairs as
				of October 1 of the year when filed.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 2 - PROCEDURES › Section 16-36-12 - Foreign business entity name; registration ownership; assignment of registration

Current through June, 2024
(a) If the name of
				a foreign business entity registrant has been changed, the change may be
				recorded by the filing of a certificate by the proper state official that the
				name has been changed, together with the filing fee of $10.
(b) If a foreign corporation registrant which
				has not qualified pursuant to chapters
				414 and
				414D, Hawaii Revised Statutes, is
				merged with and absorbed by another foreign business entity, or is involved in
				a consolidation, the change in the ownership of the registration may be
				recorded by the filing of a certificate by the proper state official certifying
				to the merger or consolidation, together with the filing fee of $10.
(c) A trade name, trademark, service mark,
				print, or label registration may be assigned by the registrant by filing an
				executed copy of an assignment, together with the filing fee of $10.
(d) The registration of a trade name,
				trademark, service mark, print, or label may be canceled by filing a request
				for cancellation, signed by the registrant.
(e) Renewals shall be filed not earlier than
				six months prior to the registration expiration date.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 3 - STATEMENTS OF POLICY › Section 16-36-13 - Penalties

Current through June, 2024
(a) Penalties shall be assessed commencing
				fifteen days after the due date of an annual report, partnership statement,
				license fee, or of any other document required to be filed with the
				division.
(b) Penalties may be
				waived or reduced upon written request and only for good cause shown.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 3 - STATEMENTS OF POLICY › Section 16-36-14 - Requests for information

Current through June, 2024
(a) Reasonable
				requests for information by the public shall be given at no charge in person or
				by mail. Requests for information by telephone for Oahu callers shall be
				limited to information available on on-line computer terminals and for neighbor
				island or out-of-state callers requests shall only be of a specific nature and
				shall not cause the employees to spend an unreasonable amount of time on the
				call; any other requests will require the caller to inspect and review the
				appropriate records at the division's office.
(b) Requests for lists of corporations,
				partnerships, licenses, etc., or for information which shall require
				considerable personnel time shall not be complied with. However, any person
				wishing to compile a list of firms, licensees, etc. may be permitted to do so
				upon proper request. Permission may be granted only if there is no interference
				with the normal work carried on by the employees.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 3 - STATEMENTS OF POLICY › Section 16-36-16 - Investment clubs

Current through June, 2024
Any investment club whose purpose is to invest its assets
				  solely in securities for the education and benefit of its members and whose
				  business is only with registered securities dealers in Hawaii shall not be
				  considered to be conducting business in the State, and compliance with the
				  provisions of the general partnership law shall not be
				  required.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 36 - PRACTICE AND PROCEDURE OF THE BUSINESS REGISTRATION DIVISION › Subchapter 4 - ADMINISTRATIVE PROCEDURE › Section 16-36-18 - Reconsideration

Current through June, 2024
(a) Any person aggrieved by any action of the
				division may request a reconsideration within thirty days of the action and
				shall specifically point out in writing why the action is improper, and shall
				include all arguments, authorities, factors, affidavits, exhibits, and any
				other matter which the person may deem relevant.
(b) The request for reconsideration shall not
				operate as a stay of the division's action.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 1 - GENERAL PROVISIONS › Section 16-37-2 - Forms

Current through June, 2024
The following forms have been adopted for use (typewritten
				  or photocopied reproductions of the listed forms shall be accepted):
(1) FR-1 Application for filing of franchise
				offering circular; and
(2) FR-2
				Consent to service of process.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 2 - FILING OF FRANCHISE OFFERING CIRCULAR › Section 16-37-4 - Offering circular

Current through June, 2024
(a) The purpose of
				the offering circular is to inform prospective franchisees and subfranchisors.
				Accordingly, the information set forth in the circular shall be presented in a
				clear, concise fashion that will be readily understandable.
(1) All information contained in the offering
				circular shall be set forth under appropriate captions or headings reasonably
				indicative of the principal subject matter contained therein. Except as to
				financial statements and other tabular data, information set forth in the
				offering circular shall be divided into reasonably short paragraphs or
				sections.
(2) Each offering
				circular shall contain a reasonably detailed table of contents showing the
				subject matter of the various sections or subdivisions of the offering circular
				and the page number on which each section or subdivision begins.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 2 - FILING OF FRANCHISE OFFERING CIRCULAR › Section 16-37-5 - Impoundments

Current through June, 2024
(a) The director may order the impoundment of
				franchise fees if the director finds that such requirement is appropriate to
				protect the prospective franchisee.
(b) Operation of impoundment. When an
				impoundment is imposed in connection with the filing of an offering circular,
				one hundred per cent of franchisee fees and all other funds paid by the
				franchisees or subfranchisors for any purpose shall within forty-eight hours of
				the receipt of such funds, be placed with the depository until the director
				takes further action pursuant to subsection (e) of this section. All checks
				shall be made payable to the depository.
(c) Purchase receipts. When an impoundment is
				imposed, the franchisor shall deliver to each franchisee or subfranchisor, a
				purchase receipt, in a form approved by the director. Such purchase receipts
				shall be consecutively numbered and prepared in triplicate and the original
				given to the franchisee or subfranchisor, the first copy to the depository
				together with the payment received and the second copy to the
				franchisor.
(d) Depository. Funds
				subject to an impoundment shall be placed in a separate trust account with a
				bank or a fiduciary company authorized to do business in this State and
				acceptable to the director. A written consent of the depository to act in such
				capacity shall be filed with the director.
(e) Release of impoundments. The director
				shall authorize the depository to release to the franchisor such amounts of the
				impounded funds applicable to a specified franchisee (or subfranchisor) upon a
				showing that the franchisor has fulfilled its obligations under the franchise
				agreement, or that for other reasons the impoundment is no longer required for
				protection of franchisees.
An application for an order of the director authorizing the
				  release of impoundments to the franchisor shall be verified and shall contain
				  the following:
(1) A statement of the
				franchisor that all required proceeds from the sale of franchises have been
				placed with the depository in accordance with the terms and conditions of the
				impoundment.
(2) A statement of the
				depository signed by an appropriate officer setting forth the aggregate amount
				of impounded funds placed with the depository.
(3) The names of each franchisee (or
				subfranchisor) and the amount held in the impoundment for the account of each
				franchisee (or subfranchisor).
(4)
				A statement by the franchisee that the franchisor has performed its obligations
				under the franchise contract.
(5)
				Such other information as the director may require in a particular
				case.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 2 - FILING OF FRANCHISE OFFERING CIRCULAR › Section 16-37-6 - Fees

Current through June, 2024
Fees in the following amounts must accompany each
				  application for filing of the offering circular or amendment thereof:
(1) Application - $50.
(2) Amendment - $50.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 3 - RECORD KEEPING › Section 16-37-7 - Record requirements

Current through June, 2024
Every franchisor or subfranchisor shall make and keep
				  current the following books and records relating to its business:
(1) Record of original entry containing the
				sale of franchise, to whom sold, the aggregate price, the amount paid down, and
				the installment payments, if any.
(2) Every franchisor or subfranchisor shall
				preserve for a period of not less than six years from the closing of any
				franchise account, all records, books, and memorandums that relate to the
				franchise.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 37 - RULES UNDER THE FRANCHISE INVESTMENT LAW › Subchapter 3 - RECORD KEEPING › Section 16-37-8 - Report requirements

Current through June, 2024
Where applicable, every franchisor or subfranchisor shall
				  annually, on or before ninety days after the end of its fiscal year, file a
				  report with the director showing:
(1)
				Number of franchises sold during the fiscal year.
(2) Dollar amount of the proceeds derived
				therefrom.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 1 - GENERAL PROVISIONS › Section 16-38-2 - Filing

Current through June, 2024
(a) A document is filed when it is received
				in the office of the commissioner.
(b) All communications shall be addressed to:
				Commissioner of Securities, Business Registration Division, Department of
				Commerce and Consumer Affairs, P.O. Box 40, Honolulu, Hawaii 96810; or
				delivered to: 1010 Richards Street, Honolulu, Hawaii.
(c) The office of the commissioner shall be
				open for the transaction of business between the hours of 7:45 a.m. and 4:30
				p.m. on weekdays, excluding holidays.
(d) Only the original form or exhibit shall
				be required, unless otherwise authorized by the commissioner.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 1 - GENERAL PROVISIONS › Section 16-38-3 - Fees

Current through June, 2024
The following fees shall be submitted with an initial or
				  renewal application, or notice filing:
(1) The fee for registration of securities by
				qualification shall be one-tenth of one per cent of the aggregate offering
				price of the securities to be offered in the State with a minimum fee of $250,
				and a maximum fee of $2,500. The annual fee to renew a registration by
				qualification shall be $250;
(2)
				The fee for registration of securities by notification shall be one-twentieth
				of one per cent of aggregate offering price of the securities to be offered in
				the State with a maximum fee of $500;
(3) The fee for an initial notice filing for
				investment company securities shall be $200 per portfolio or series. The annual
				fee to renew such notice filing shall be $50 per portfolio or series;
(4) The application fee for registration of a
				dealer shall be $100. The annual fee to renew a dealer's registration shall be
				$200;
(5) The application fee for
				registration of an investment adviser shall be $100. The annual fee to renew an
				investment adviser's registration shall be $100;
(6) The notice filing fee for a federal
				covered adviser shall be $100 per calendar year;
(7) The application fee for registration of a
				securities salesperson shall be $50. The annual fee to renew a salesperson's
				registration shall be $50;
(8) The
				application fee for registration of an investment adviser representative shall
				be $50. The annual fee to renew an investment adviser representative's
				registration shall be $50; and
(9)
				The fee for copies of documents filed in the office of the commissioner shall
				be twenty-five cents per page.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 1 - GENERAL PROVISIONS › Section 16-38-4 - Forms

Current through June, 2024
(a) The following forms shall be used by
				persons submitting an application, notice filing, or renewal to the
				commissioner:
Form ADV: shall be used by an investment adviser to request
				  registration or to renew a registration, and by a federal covered adviser to
				  submit a notice filing;
Form ADV-W: shall be used by an investment adviser to
				  terminate a registration, or by a federal covered adviser to terminate a notice
				  filing;
Form BD: shall be used by a dealer or issuer to request
				  registration;
Form BD-W: shall be used by a dealer or issuer to terminate
				  a registration;
Form U-1: shall be filed by an issuer seeking registration
				  of its securities by qualification;
Form U-2: shall be used to satisfy any requirement under
				  chapter
				  485, HRS, that a consent to service
				  of process be filed with the department. In lieu of filing a Form U-2, however,
				  the department shall accept an originally executed Form ADV, Form BD, or Form
				  U- 4 that has been filed with the department or with the CRD;
Form U-2A: shall be used by any person required under
				  chapter
				  485, HRS, to file a corporate
				  resolution with the department;
Form U-4: shall be used by a salesperson or investment
				  adviser representative to request registration or to request a transfer of
				  registration from one dealer, issuer, investment adviser, or federal covered
				  investment adviser to another;
Form U-5: shall be used to terminate the registration of a
				  salesperson or investment adviser representative;
Form NF: shall be used by an investment company to comply
				  with the notice filing requirements under section 16-38-65;
S-5: bond for dealer, issuer, or investment adviser;
S-6: application for registration as a dealer in
				  securities;
S-12: application for exemption from the registration
				  requirement of chapter
				  485, HRS, in order to offer or sell
				  securities of a residential cooperative corporation;
SCOR Form: shall be used by issuers seeking registration of
				  a SCOR offering.
(b)
				Dealers that are registered under the Securities Exchange Act of 1934 may file
				Forms BD, BD-W, U-4, and U- 5 with the commissioner through the CRD.
(c) Investment advisers and federal covered
				advisers may, to the extent permitted by the IARD, file Forms ADV, ADV-W, U-4,
				and U-5 with the commissioner through the CRD.
(d) Every applicant or registrant that has
				filed any of the forms listed in subsection (a) with the commissioner shall
				promptly file with the commissioner any and all amendments necessary to keep
				the information previously reported on such forms current and accurate. If the
				form being amended was filed with the commissioner through the CRD, any
				amendment to such form may also be filed through the CRD.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 1 - GENERAL PROVISIONS › Section 16-38-4.5 - Action on documents submitted to the commissioner; automatic approval; extension

Current through June, 2024
(a) Unless
				otherwise provided by law, all documents submitted to the commissioner shall be
				approved or denied within sixty days after the submission of a complete
				application. A complete application shall consist of the appropriate form
				described in section 16-38-4, together with any additional documents or
				information and fees required under this chapter or chapter
				485, HRS.
(b) The commissioner shall notify an
				applicant within sixty days of an application being received if the application
				is not complete and shall provide the applicant a list of the documents,
				information, and fees that must be filed in order to have the application
				deemed complete. An applicant shall have an additional sixty days from the
				receipt of the commissioner's letter within which to complete the pending
				application. If the application has not been completed within this time, it may
				be denied by the commissioner pursuant to section 485-15(1), HRS.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 2 - DEALERS › Section 16-38-5 - Registration; generally

Current through June, 2024
An applicant may be registered under chapter
				  485, HRS, if the commissioner finds
				  that the applicant is qualified, has sufficient training and experience, is of
				  good repute, and otherwise satisfies the requirements of chapter
				  485, HRS, and this
				  chapter.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 2 - DEALERS › Section 16-38-5.1 - Registration; eligibility requirements

Current through June, 2024
(a) An applicant,
				if a natural person, shall have attained the age of eighteen years.
(b) An applicant, except an applicant that is
				registered as a broker or dealer under the Securities Exchange Act, shall have
				a minimum capital as provided in section 16-38-5.3(b) of not less than
				$5,000.
(c) A partner or an officer
				of a registered dealer or issuer may engage in the capacity of a salesperson
				only if that person has been duly registered as provided by section 485-14,
				HRS.
(d) A dealer that is a foreign
				corporation or a partnership that intends to establish a branch office in
				Hawaii shall, in addition to the requirements under this chapter and chapter
				485, HRS, comply with the requirements of the Hawaii foreign corporation law
				(chapter
				414, HRS) or the Hawaii partnership
				law (chapter
				425, HRS), as applicable.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 2 - DEALERS › Section 16-38-5.2 - Registration; application

Current through June, 2024
(a) An application
				for registration of a dealer shall be filed on Form BD, which may be filed with
				the commissioner directly or through the CRD. If Form BD is filed with the
				commissioner directly, it shall be originally executed.
(b) The application shall be filed together
				with the filing fee of $200. Unless the applicant is registered as a broker or
				dealer under the Securities Exchange Act, the application shall be accompanied
				by a $5,000 bond, or cash or securities in lieu thereof, and either a verified
				balance sheet as of a date within thirty days of filing, or if the applicant
				has been engaged in business one year or more preceding, a balance sheet
				certified by an independent public accountant as of the last fiscal year,
				together with a balance sheet verified by the applicant as of a date within
				thirty days of filing. If the applicant is registered under the Securities
				Exchange Act, the applicant shall include with its application a copy of its
				most recent annual financial statement.
(c) Additional exhibits or information not
				specifically required by the application may be submitted by the
				applicant.
(d) The commissioner may
				require the applicant to file additional information if such information is
				necessary for the commissioner to determine whether to approve or deny the
				application. In accordance with the provisions of section 16-38-4.5, any such
				additional information requested by the commissioner shall be requested in
				writing within sixty days of the commissioner's receipt of the
				application.
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 2 - DEALERS › Section 16-38-5.3 - Registration; financial requirements

Current through June, 2024
(a) Every
				registered dealer shall file an annual report of condition within ninety days
				following the end of the calendar or fiscal year adopted as follows:
(1) Dealers registered under the Securities
				Exchange Act shall file a copy of the annual financial report filed with the
				SEC; and
(2) All other dealers
				shall file a balance sheet certified by an independent public accountant in
				conformance with generally accepted accounting principles and that evidences
				the dealer's compliance with the requirements of subsection (b).
Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 38 - SECURITIES - REPEALED › Subchapter 2 - DEALERS › Section 16-38-5.4 - Books and records

Current through June, 2024
(a) Every dealer,
				except a dealer that is registered under the Securities Exchange Act, shall
				make and keep the books and records listed in subsections (b) through (h). All
				dealers registered under the Securities Exchange Act shall keep and maintain
				books and records as required under the Securities Exchange Act. All records
				required to be kept by this section shall be maintained and preserved for a
				period of at least three years and made available for inspection by the
				commissioner upon reasonable notice.
(b) Blotters (or other records or books of
				original entry) containing an itemized daily record of:
(1) Purchases and sales of
				securities;
(2) Receipts and
				deliveries of securities;
(3)
				Receipts and disbursements of cash;
(4) All other debits and credits;
				and
(5) Each transaction,
				reflecting:
(A) The account or name of the
				customer;
(B) Name and amount of
				securities;
(C) Certificate number,
				if any;
(D) Unit and aggregate
				purchase or sale price;
(E) Trade
				date; and
(F) Name or other
				designation of person from whom purchased or received, or to whom sold and
				delivered.