PART VI. PENALTIES, ADMINISTRATIVE FINES AND PROHIBITED ACTS

 

§412:2-600  Applicability of part.  (a) The provisions of this part shall apply to all Hawaii financial institutionsand to such other persons as shall, by violating any of the provisions of thispart, be subject to the penalties and administrative fines provided in thispart.  The provisions of this part shall be in addition to the prohibitions setforth elsewhere in this chapter.

(b)  If a contract is made or any other act isdone or omitted in good faith reliance on an interpretation of this chaptermade by the supreme court of this State or in a rule duly adopted by thecommissioner pursuant to chapter 91, no penalty imposed by this chapter shallapply, notwithstanding that after such contract is made, such interpretation orrule is amended, rescinded, or determined by judicial or other authority to beinvalid for any reason. [L 1993, c 350, pt of §1]