§412:3-112  Submissions to commissioner. 
(a) Every Hawaii financial institution, at its own expense, shall file the
following written reports with the commissioner:



(1)  An independent audit report of its financial
statements as of the close of its fiscal year shall be filed by a Hawaii
financial institution, other than a nondepository financial services loan
company or credit union, within one hundred twenty days of the close of its
fiscal year; provided that the commissioner for good cause shown may grant a
reasonable extension of not more than forty-five days.  For depository
institutions, the independent audit report specified in this paragraph shall
comply with the requirements for annual reports under section 36 of the Federal
Deposit Insurance Act (12 U.S.C. §1831m), as amended; provided that for a
depository institution which, in any fiscal year, is a small depository
institution within the meaning of section 36(j) of the Federal Deposit
Insurance Act, or any implementing regulations thereunder, the independent
audit report specified in this paragraph shall comply with the requirements for
annual independent audits of financial statements under section 36(d).  For
trust companies, the independent audit report shall contain audited financial
statements prepared in accordance with generally accepted accounting principles
and shall be based on an audit performed in accordance with generally accepted
auditing standards, the independent auditor's report on the fair presentation
of the financial statements and any qualification to the report, any management
letter, and any other report.  Hawaii financial institutions that are
subsidiaries of a financial institution holding company may satisfy the
requirements of this paragraph by filing an independent audit report of the
financial institution holding company;



(2)  Unaudited financial statements as of the
following dates shall be filed by a Hawaii financial institution within thirty
days of the date of the financial statement as follows:



(A)  For a trust company or credit union, the
statements shall be filed as of June 30 and December 31 of each year;



(B)  For a Hawaii financial institution, other
than a nondepository financial services loan company, trust company, or credit
union, the statements shall be filed as of March 31, June 30, September 30, and
December 31 of each year; and



(C)  For a nondepository financial services
loan company, the statement shall be filed as of the last day of the sixth
month and the last day of the twelfth month of each fiscal or calendar year;



provided that the commissioner for good
cause shown may grant a reasonable extension of not more than forty-five days.



The reports shall be in a form
prescribed by the commissioner and prepared in accordance with section
412:3-108.  In the alternative, the institution may file the Call Reports,
Consolidated Reports of Condition and Reports of Income, or Thrift Financial
Reports as of those dates which are submitted to the appropriate federal
regulatory agency of the institution;



(3)  A notice of any change in the office of the
person who has primary responsibility for the operation and management of the
financial institution shall be filed by a Hawaii financial institution within
ten days of the change.  The notice shall specify the name and address of the
person, who shall be designated that institution's "chief executive
officer"; and



(4)  Any other reports and other information that the
commissioner may require with respect to any financial institution at the times
and in the form as the commissioner deems appropriate for the proper
supervision and regulation of the institution.



Each report shall be signed by an officer
authorized by the institution's board of directors to sign the report, and
shall contain a declaration of the officer's authority and a statement that the
report is true and correct.



(b)  Each wholly-owned subsidiary of a Hawaii
financial institution whose assets constitute ten per cent or more of the
consolidated assets of the Hawaii financial institution shall also submit
separate unaudited financial statements meeting the requirements of subsections
(a)(2)(A) or (B) as applicable, whether or not the financial institution
prepares a consolidated financial statement.



(c)  If the commissioner determines that any
report is inadequate, the report shall be returned to the financial
institution, with directions to rectify the inadequacies within the time
specified by the commissioner, which shall not be longer than thirty days;
provided that the commissioner may, for good cause shown, grant a reasonable
extension of not more than forty-five days for making and filing such report.



(d)  The commissioner may impose an
administrative fine upon any financial institution failing to furnish any
report or information as required under this section.  The fine shall not
exceed $1,000 for each day that the report is delinquent and shall be recovered
pursuant to the provisions of section 412:2‑609. [L 1993, c 350, pt of
§1; am L 1994, c 107, §7; am L 1995, c 53, §1; am L 1996, c 207, §6; am L 1999,
c 245, §4]