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

(b)  The existence, charters, licenses, andcertificates of authority of Hawaii financial institutions or foreignfinancial  institutions formed or existing on July 1, 1993, are notaffected by the enactment of this chapter nor by any change made thereby in therequirements for the formation of Hawaii financial institutions or chartering,licensing or certification of Hawaii financial institutions or foreignfinancial institutions, nor by the amendment or repeal thereby of the lawsunder which they were formed, created, chartered, licensed or certified.

(c)  Except to the extent specifically providedin this chapter, the power and authority of financial institutions existing onJuly 1, 1993, shall not be limited or restricted in any way by theenactment of this chapter nor by the amendment or repeal of the laws underwhich they were formed or created, or which granted such power and authority. Except to the extent specifically provided otherwise in this chapter, nofederal powers granted to Hawaii financial institutions prior to July 1,1993, under Act 258, Session Laws of Hawaii 1969, as amended, Act 179, SessionLaws of Hawaii 1969, as amended, and Act 125, Session Laws of Hawaii 1977, asamended, shall be limited or restricted in any way by the enactment of thischapter.

(d)  Except as otherwise provided in thissection, any Hawaii financial institution which on July 1, 1993, is not incompliance 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 afterJuly 1, 1993, inform the commissioner in writing as to the extent andnature of its noncompliance and shall simultaneously file with the commissionera plan for achieving full compliance with such provisions.  The commissionershall thereafter review and consider the circumstances of the Hawaii financialinstitution and shall by order establish a date by which the institution shallfully comply, which shall not in any event be later than the third anniversaryof July 1, 1993, unless otherwise provided herein or by federal law, or unlessextended by the commissioner.

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

(f)  Neither the enactment of this chapter northe amendment of this chapter nor the amendment or repeal of the laws underwhich financial institutions existing on July 1, 1993, were formed orcreated 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 existingfinancial institution is a party or by which it is bound, or under which itholds any rights or benefits, which were in effect immediately beforeJuly 1, 1993. [L 1993, c 350, pt of §1; am L 1996, c 63, §1]

 

Revision Note

 

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