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Can you summarize 16 HIAR Chapter 31?
DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS > CREDIT UNIONS
Short Summary
These legal documents pertain to credit unions in the state of Hawaii. They are part of the Hawaii Administrative Rules and provide regulations and definitions related to credit unions. The documents define key terms such as ‘Commissioner’ as the commissioner of financial institutions of the state, and ‘Credit union’ as a cooperative, nonprofit association chartered under chapter 412, Hawaii Revised Statutes. They also define ‘Risk assets’ as all assets except specific categories such as cash on hand, deposits in insured banks and credit unions, loans to other credit unions, and certain government-insured assets. The documents govern the bond coverage for credit unions, requiring the board of directors of each credit union to review the bond coverage annually to ensure its adequacy. The bond coverage must meet the minimum requirements set by the commissioner or applicable law, and the surety insurer providing the coverage must be authorized to do business in Hawaii. If a credit union’s bond coverage is terminated, written notice must be submitted to the commissioner at least thirty-five days prior to the effective date of termination. The commissioner has the authority to require additional coverage if the existing bonds are deemed insufficient, and the board of directors is responsible for obtaining the additional coverage within thirty days of receiving written notice. The documents also mention that a credit union may amend its bylaws and articles of association, but such amendments must be approved in writing by the commissioner to become effective. Overall, these documents provide guidelines and requirements for credit unions operating in Hawaii.
Whom does it apply to?
Credit unions operating in Hawaii
What does it govern?
Credit unions in the state of Hawaii
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Hawaii