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Can you summarize HIRS Chapter 412, Article 5?
Code of Financial Institutions > BANKS
Short Summary
The provided legal document content pertains to the operation of banks in the state of Hawaii. It defines the term ‘bank’ and prohibits any person from engaging in activities that require a charter to operate as a bank, unless they are a corporation incorporated in Hawaii and possess the necessary charter. The document grants banks the authority to solicit, accept, and hold deposits, engage in activities incidental to banking, and enjoy the rights, powers, and privileges of a corporation organized under the laws of Hawaii. It also outlines limitations on certain activities, such as engaging in trade or commerce and owning or controlling the capital stock of other corporations. The document governs the requirements and restrictions for lending and investments by banks, including limitations on loans and extensions of credit to a single borrower and permitted investments. Additionally, the document governs the engagement of intra-Pacific banks and intra-Pacific bank holding companies in business in Hawaii, specifying the requirements and procedures for approval, the powers and duties of intra-Pacific banks, and the consequences of no longer meeting the definition of an intra-Pacific bank or intra-Pacific bank holding company. No specific penalties or exemptions are mentioned in these documents.
Whom does it apply to?
Corporations seeking to operate as a bank under this chapter, intra-Pacific banks and intra-Pacific bank holding companies
What does it govern?
Operation of banks in the state of Hawaii, powers of banks, lending and investments by banks, engagement of intra-Pacific banks and intra-Pacific bank holding companies in business in Hawaii
What are exemptions?
Activities permitted by federal law or this chapter, loans and extensions of credit made by a bank or its subsidiaries to its affiliates or subsidiaries
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Hawaii