§412:2-311  Suspension or revocation ofcharter or license.  (a)  The commissioner may revoke or suspend anycharter or license issued hereunder if the commissioner finds that:

(1)  Any information or representations submitted byan applicant in connection with the issuance of the charter or license werematerially false when made;

(2)  Grounds exist for the appointment of aconservator or receiver under this article;

(3)  The Hawaii financial institution, for a period ofsix months or more, has ceased to engage in the business for which its charteror license was granted; or

(4)  The Hawaii financial institution has violated oris violating state or federal laws, rules, or regulations, or has committed oris committing an unsafe or unsound practice.

(b)  In issuing a suspension or revocationorder, whether by consent or as a result of a chapter 91 hearing, thecommissioner may impose such terms and conditions as the commissioner deemsappropriate to protect the public interest.  The order of suspension or revocationmay require the Hawaii financial institution to cease engaging in businessaltogether, to close one or more of its places of business, or to ceaseengaging in a particular type of business, as the commissioner deemsappropriate.

(c)  No suspension or revocation of any charteror license shall impair or affect the obligation of any preexisting lawfulcontract between a Hawaii financial institution and the other party orparties.  Neither shall the suspension or revocation of a charter or license affectthe institution's administrative, regulatory, civil or criminal liability forany act or condition existing prior to the suspension or revocation.

(d)  The commissioner shall have discretion toreinstate any suspended charter or license, or issue a new charter or licenseto a Hawaii financial institution whose charter or license has been revoked, ifthe grounds for ordering the suspension or revocation are no longer present. [L1993, c 350, pt of §1; am L 1994, c 107, §2; am L 2001, c 170, §4]