Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 28 - ESCROW DEPOSITORIES › Subchapter 4 - STANDARDS OF REVIEW; DECISIONS › Section 16-28-28 - Presumptive disqualification criteria

Current through June, 2024
(a) Managerial
				resource test. The following factors shall give rise to a rebuttable
				presumption that the criterion regarding the general character of management
				has not been met, if the applicant, the individual officers or directors, or
				any controlling shareholder has:
(1) Been
				convicted of, or has pleaded nolo contendere to, any crime involving an act of
				fraud or dishonesty;
(2) Consented
				to or suffered a judgment in any civil or administrative action based upon
				conduct involving an act of fraud or dishonesty;
(3) Consented to or suffered any indictment,
				formal investigation, examination, or civil or administrative proceedings that
				resulted in any agreement, undertaking, consent, or order issued by any federal
				or state court, any department, agency, or commission of the United States
				government, any state or municipality, any self-regulatory trade or
				professional organization, or any foreign government or governmental entity,
				which involves an act of fraud or dishonesty;
(4) Consented to or suffered the suspension
				or revocation of any professional, occupational, or vocational license based
				upon conduct involving an act of fraud or dishonesty;
(5) Knowingly made or caused to be made in
				any application or report filed with the commissioner or in any proceeding
				before the commissioner, any written or oral statement which was at the time
				and in light of the circumstances under which it was made false or misleading
				with respect to material fact, or has wilfully omitted to state in any
				application or report any material fact which was required to be stated
				therein;
(6) Wilfully committed any
				violation of, or has wilfully aided, abetted, counseled, commanded, induced, or
				procured the violation by any other person of, any provision of state law or
				rule;
(7) Been involved in the
				denial, withdrawal after receipt of formal or informal notice of an intent to
				deny, by the applicant or affiliates of the applicant, of:
(A) Any application relating to the
				organization of an escrow depository, a financial institution, a foreign
				financial institution, or a trust company;
(B) An application to acquire any escrow
				depository, financial institution, foreign financial institution, trust
				company, or subsidiary or holding company thereof; or
(C) A notice relating to a change in control
				of any escrow depository, financial institution, foreign financial institution,
				trust company, or subsidiary or holding company thereof; or
(8) Been placed in receivership or
				conservatorship during the preceding ten years, was a management official or
				director of an escrow depository, a financial institution, a foreign financial
				institution, or a trust company which entered into receivership or
				conservatorship, was placed in a management consignment program, or was
				liquidated during his or her tenure or within two years thereafter.