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Can you summarize HIRS Chapter 412, Article 11?
Code of Financial Institutions > FINANCIAL INSTITUTION HOLDING COMPANIES
Short Summary
This legal document governs the registration, reporting, and examination requirements for financial institution holding companies in Hawaii. It mandates that financial institution holding companies must register with the commissioner within 180 days of becoming a holding company or after the enactment of this article, whichever is later. The registration must include information regarding the financial condition, operation, management, inter-company relationships, and other relevant matters as deemed necessary by the commissioner. The commissioner is authorized to adopt rules to administer and carry out the registration and reporting procedures. Examinations of financial institution holding companies are conducted by the commissioner to determine if the condition or activities of the holding company jeopardize the safety or soundness of its financial institution subsidiary. However, examinations are not conducted for holding companies that indirectly control a Hawaii financial institution, unless there is good cause to believe that the indirectly controlling holding company is experiencing financial adversity that will negatively impact the safety and soundness of the Hawaii financial institution. The cost of examinations is borne by the financial institution holding company. The commissioner may accept, adopt, or use the results of examinations conducted by state or federal regulatory agencies for the same period or subject matter. Financial institution holding companies are required to designate an agent in Hawaii for service of process and notices. Failure to register or provide required reports or information may result in administrative fines. The commissioner may seek injunctive relief from the circuit court against violations of this article or any rule or order.
Whom does it apply to?
Financial institution holding companies in Hawaii
What does it govern?
Registration, reporting, and examination of financial institution holding companies in Hawaii
What are exemptions?
Financial institution holding companies that indirectly control a Hawaii financial institution through one or more holding companies are exempt from examinations, unless there is good cause to believe that the indirectly controlling holding company is experiencing financial adversity that will negatively impact the safety and soundness of the Hawaii financial institution.
What are the Penalties?
Financial institution holding companies failing to register or furnish required reports or information may be subject to an administrative fine of up to $200 per day for each violation.
Jurisdiction
Hawaii