§412:1-103  Application to existing
financial institutions.  (a)  The provisions of this chapter shall apply to
all financial institutions existing on July 1, 1993, except as provided in
this section.



(b)  The existence, charters, licenses, and
certificates of authority of Hawaii financial institutions or foreign
financial  institutions formed or existing on July 1, 1993, are not
affected by the enactment of this chapter nor by any change made thereby in the
requirements for the formation of Hawaii financial institutions or chartering,
licensing or certification of Hawaii financial institutions or foreign
financial institutions, nor by the amendment or repeal thereby of the laws
under which they were formed, created, chartered, licensed or certified.



(c)  Except to the extent specifically provided
in this chapter, the power and authority of financial institutions existing on
July 1, 1993, shall not be limited or restricted in any way by the
enactment of this chapter nor by the amendment or repeal of the laws under
which they were formed or created, or which granted such power and authority. 
Except to the extent specifically provided otherwise in this chapter, no
federal powers granted to Hawaii financial institutions prior to July 1,
1993, under Act 258, Session Laws of Hawaii 1969, as amended, Act 179, Session
Laws of Hawaii 1969, as amended, and Act 125, Session Laws of Hawaii 1977, as
amended, shall be limited or restricted in any way by the enactment of this
chapter.



(d)  Except as otherwise provided in this
section, any Hawaii financial institution which on July 1, 1993, is not in
compliance with any of the provisions of section 412:3-104, 412:3-106,
412:3-209, 412:3-500, or 412:4-104 shall within one-hundred-eighty days after
July 1, 1993, inform the commissioner in writing as to the extent and
nature of its noncompliance and shall simultaneously file with the commissioner
a plan for achieving full compliance with such provisions.  The commissioner
shall thereafter review and consider the circumstances of the Hawaii financial
institution and shall by order establish a date by which the institution shall
fully comply, which shall not in any event be later than the third anniversary
of July 1, 1993, unless otherwise provided herein or by federal law, or unless
extended by the commissioner.



(e)  A financial services loan company licensed
in this State and actively engaged in business in this State on July 1,
1993, shall have the minimum capital and surplus required for the institution
under existing law of this State immediately prior to July 1, 1993, rather
than the minimum capital and surplus required under this chapter.  Upon a sale
or transfer to a third party of a controlling interest in the financial
services loan company, other than by devise or descent, the institution shall
comply with the minimum capital and surplus requirements of this chapter.



(f)  Neither the enactment of this chapter nor
the amendment of this chapter nor the amendment or repeal of the laws under
which financial institutions existing on July 1, 1993, were formed or
created shall void, render voidable, abrogate, terminate or amend any contract,
agreement, lease, loan, commitment, indenture, restrictive covenant,
participation agreement, trust, designation, appointment, agency, investment,
certificate or other instrument of any description to which an existing
financial institution is a party or by which it is bound, or under which it
holds any rights or benefits, which were in effect immediately before
July 1, 1993. [L 1993, c 350, pt of §1; am L 1996, c 63, §1]



 



Revision Note



 



  "July 1, 1993," substituted for "the effective
date of this chapter".