Hawaii Administrative Code

(a) An unsafe or unsound condition of an institution depends upon an analysis of virtually every aspect of the institution's operation. The institution's capital position, asset condition, management, earnings posture, liquidity position, and sensitivity to market risk shall be c…

(a) Informal action by means of a memorandum of understanding shall be considered for institutions which have been assigned a UFIRS or NRS composite "3" rating. The memorandum of understanding is a means of seeking informal corrective administrative action from institutions consi…

As used in this chapter: "Commissioner" means the commissioner of financial institutions of this State. "Division" means the division of financial institutions of the department of commerce and consumer affairs of this State. "Hawaii financial institution" or "institution" means:…

(a) Institutions with UFIRS or NRS composite ratings of "4" or "5" by definition will have problems of sufficient severity to warrant formal supervisory and enforcement action. Formal action may be taken against institutions rated "4" or "5", where evidence of an unsafe or unsoun…

(a) When a cease and desist order is issued under part III of article 2 of chapter 412, HRS, the periods for compliance with the various provisions of the cease and desist order are determined based on the circumstances and may include different periods ranging from thirty days t…

Notes Haw. Code R. § 16-27-24 R 1/27/01

Notes Haw. Code R. § 16-27-25 R 1/27/01

Notes Haw. Code R. § 16-27-26 R 1/27/01

Notes Haw. Code R. § 16-27-27 R 1/27/01

Notes Haw. Code R. § 16-27-28 R 1/27/01

(a) The commissioner has broad supervisory and enforcement powers under chapter 412, HRS. The commissioner has the power to direct a Hawaii financial institution to discontinue any violation of law or rule, or any unsafe or unsound practice, or to cease the conduct of its busines…

(a) The concept of an unsafe or unsound practice is one of general application which touches upon the entire field of operations of an institution. An unsafe or unsound practice encompasses any action or lack of action, which is contrary to generally accepted standards of prudent…

The objectives of this chapter are to implement the requirements of chapter 449, Hawaii Revised Statutes, and set forth procedures regarding escrow depositories. Notes Haw. Code R. § 16-28-1 [Eff 8/13/87; comp 1/27/01; comp 8/04/05] (Auth: HRS § 449-2) (Imp: HRS § 449-2)

(a) Any person desiring to obtain an escrow depository license shall file an application in a form prescribed by the commissioner together with the required application fee. (b) The applicant shall provide public notice and an opportunity to comment on the application, as prescri…

An application for approval to establish a branch office, together with the application fee, shall be filed with the commissioner in letter form and shall contain the following information: (1) The exact location of the proposed site, including street address; (2) The name and qu…

(a) An application for approval to relocate an existing office or branch, together with the application fee, shall be filed with the commissioner prior to the proposed relocation. The application shall be in letter form and shall contain the following information: (1) The locatio…

An escrow depository license and each branch license are subject to annual renewal. In order to obtain renewal of the escrow depository license and any branch office license, an application to renew the escrow depository license and each branch license, together with the applicab…

Notes Haw. Code R. § 16-28-14 R 1/27/01

This subchapter applies only to an application for a license to act as an escrow depository. Notes Haw. Code R. § 16-28-18 [Eff 8/13/87; comp 1/27/01; comp 8/04/05] (Auth: HRS § 449-2) (Imp: HRS §§ 449-6, 449-7, 449-7.4, 449-7.5, 449-8, 449-8.5)

(a) Upon the filing of an application, the applicant shall publish notice of the proposed transaction in a newspaper of general circulation in the State. The published notice shall include the name of the applicant, the subject matter of the application, and the location or locat…

As used in this chapter: "Commissioner" means the commissioner of financial institutions of this State. "Division" means the division of financial institutions of the department of commerce and consumer affairs of this State. "Foreign financial institution" means a person, other …

(a) Any person may file with the commissioner written comments on an application within fifteen days of the publication of notice. The comment period may be extended by the commissioner for good cause. (b) Any person who files a written comment may at the same time request that a…

(a) The purpose of the informational and comment proceeding shall be to receive information and comments from interested persons on an application. (b) If the commissioner decides to hold an informational and comment proceeding, the commissioner shall notify the applicant and eac…

This subchapter applies only to an application for a license to act as an escrow depository. Notes Haw. Code R. § 16-28-25 [Eff 8/13/87; comp 1/27/01; comp 8/04/05] (Auth: HRS § 449-2) (Imp: HRS §§ 449-6, 449-7, 449-7.4, 449-7.5, 449-8, 449-8.5)

An applicant has a right to file an application and to obtain full consideration of the application by the commissioner in light of all relevant facts and without prejudice. If all of the relevant criteria are resolved favorably, the applicant is entitled to receive the requested…

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 dep…

(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 …

(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 s…

(a) Subject to other provisions of this chapter, all applications and supporting documents that are filed by a proposed escrow depository shall be available for public review as provided by law following receipt of a written request to review the records. (b) Subject to other pro…

(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 i…

(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…

(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,…

(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 for…

(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 commiss…

Notes Haw. Code R. § 16-28-39 R 1/27/01

No material contained in any application or record shall be made available to the public if it is determined by the commissioner to be confidential. Information that may be considered confidential includes, but is not limited to the following: (1) Commercial or financial informat…

Notes Haw. Code R. § 16-28-44 R 1/27/01

Notes Haw. Code R. § 16-28-45 R 1/27/01

Notes Haw. Code R. § 16-28-46 R 1/27/01

Notes Haw. Code R. § 16-28-51 R 8/04/05

(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 noti…

Any person desiring to obtain the approval of the commissioner shall: (1) File an application in the form prescribed by this chapter; (2) File the appropriate application fee, if any; and (3) Provide, if applicable, public notice of the filing of the application, as prescribed by…

(a) Each application referred to in this chapter shall be made by the completion and submittal to the commissioner, in duplicate, of: (1) The application form prescribed by the commissioner, copies of which may be obtained by request from the division; or (2) The application in l…

As used in these rules "director" means the director or acting director of the office of consumer protection. Notes Haw. Code R. § 16-301-1 [Eff 6/19/81] (Auth: HRS §§ 487-2, 487-5) (Imp: HRS §§ 487-2, 487-5)

(a) All public records, as defined in section 92-50, Hawaii Revised Statutes, shall be available for inspection in the office of consumer protection during regular business hours. (b) Any person may obtain information on matters within the jurisdiction of the office of consumer p…

(a) The rules adopted, amended, or repealed by the director shall be made in accordance with chapter 91, Hawaii Revised Statutes. (b) Any interested person may petition the director for the adoption, amendment, or repeal of any rule of the office. The petition shall be submitted …

(a) Any person may petition the director for a declaratory ruling as to the applicability of any statutory provision enforced by the director or of any rule or order of the director. (b) The petition shall be submitted in duplicate to the office of consumer protection. The petiti…