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



(1)  Any information or representations submitted by
an applicant in connection with the issuance of the charter or license were
materially false when made;



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



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



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



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



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



(d)  The commissioner shall have discretion to
reinstate any suspended charter or license, or issue a new charter or license
to a Hawaii financial institution whose charter or license has been revoked, if
the grounds for ordering the suspension or revocation are no longer present. [L
1993, c 350, pt of §1; am L 1994, c 107, §2; am L 2001, c 170, §4]