§412:2-308  Order of immediate suspension;
procedure; effective date; hearing; enforcement.  (a)  In order to act with
the utmost speed, the commissioner may issue an order immediately suspending an
institution-affiliated party upon a determination that:



(1)  The grounds specified in section 412:2-306 are
present; and



(2)  The protection of depositors or the financial
institution warrants the immediate suspension and prohibition of the
institution-affiliated party from further participation in the conduct of the
affairs of the financial institution or any other Hawaii financial institution.



The order shall be accompanied by a notice of
charges that states the alleged violation, wrongful practice, or breach, and a
summary of the facts in support of the allegation.  The notice of charges shall
set forth a time and place for a hearing to determine whether the temporary
order shall be converted to a permanent removal or prohibition order.  Any
order of immediate suspension issued to an institution-affiliated party shall
also be served upon the affiliated Hawaii financial institution.



(b)  The order shall be effective upon service
on the institution-affiliated party.  The order shall remain in effect until a
permanent removal or prohibition order is issued after a hearing, a permanent
removal or prohibition order is consented to, or the charges are dismissed upon
completion of a hearing.  Any institution-affiliated party contesting the
issuance of the suspension order may do so by applying to the circuit court for
an injunction.



(c)  Within ten days after service of a notice
of charges, unless an earlier date or later date is set by the commissioner
upon request of the affected party, the commissioner shall hold a hearing in
accordance with chapter 91.  If no appearance is made at the scheduled hearing
by the party or the party's authorized representative, the party shall be
deemed to have consented to the issuance of the suspension order and the
commissioner may convert the suspension order into a permanent removal or
prohibition order.  Any permanent removal or prohibition order issued after a
hearing held in accordance with this subsection shall become effective after
service upon the institution-affiliated party and shall remain effective until
modified or terminated by the commissioner.  Any appeal of a permanent removal
or prohibition order shall be made to the circuit court in accordance with
chapter 91.



(d)  Any order of immediate suspension may be
enforced in the circuit court upon application by the commissioner.  Any
permanent order of removal or prohibition issued in accordance with this
section may be enforced as provided for in section 412:2-307(c). [L 1993, c
350, pt of §1; am L 2006, c 228, §9]



 



Rules of Court



 



  Appeals, see HRCP rule 72.



  Injunctions, see HRCP rule 65.