§412:13-217  Representative office; factorsfor approval of application.  (a)  The commissioner shall issue a licenseto a foreign bank to establish and maintain a Hawaii representative office ifthe commissioner finds that:

(1)  The foreign bank is in good standing under thelaws of the country in which it is organized and is in sound financialcondition;

(2)  The management of the foreign bank and theproposed management of the Hawaii representative office are of good moralcharacter, competent, and sufficiently experienced; and

(3)  The convenience and needs of persons to be servedby the proposed Hawaii representative office will be promoted.

(b)  In considering whether the management ofthe foreign bank and the proposed management of the Hawaii representativeoffice is of good moral character for the purposes of subsection (a), thecommissioner may presume that in the absence of creditable evidence to thecontrary, the management is of good moral character.  The presumption may berebutted by evidence to the contrary, including, but not limited to, a findingthat a person has:

(1)  Been convicted of, or has pleaded nolo contendereto, any crime involving an act of fraud or dishonesty;

(2)  Consentedto or suffered a judgment in any civil action based upon conduct involving anact of fraud or dishonesty;

(3)  Consentedto or suffered the suspension or revocation of any professional, occupational,or vocational license based upon conduct involving an act of fraud ordishonesty;

(4)  Wilfully made or caused to be made in anyapplication or report filed with the commissioner, or in any proceeding beforethe commissioner, any statement which was at the time and in the light of thecircumstances under which it was made false or misleading with respect to any materialfact, or has wilfully omitted to state in any application or report anymaterial fact which was required to be stated therein; or

(5)  Wilfullycommitted any violation of, or has wilfully aided, abetted, counseled,commanded, induced, or procured the violation by any other person of, anyprovision of this chapter or of any rule or order issued under this chapter.

(c)  If the commissioner approves theapplication of the foreign bank for a license to establish and maintain aHawaii representative office, the foreign bank shall then provide satisfactoryevidence to the commissioner of compliance with the requirements of chapter 414relating to foreign corporations, if applicable.  The commissioner shall thenissue a license to establish and maintain a Hawaii representative office to theforeign bank.

(d)  Each license issued to a foreign bank toestablish and maintain a Hawaii representative office shall state fully thename of the foreign bank to which the license is issued, the address oraddresses at which the Hawaii representative office is to be located, and anyother information as the commissioner may require. [L 1996, c 155, pt of §2; amL 2001, c 170, §18; am L 2002, c 40, §39]