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

(1)  An independent audit report of its financialstatements as of the close of its fiscal year shall be filed by a Hawaiifinancial institution, other than a nondepository financial services loancompany or credit union, within one hundred twenty days of the close of itsfiscal year; provided that the commissioner for good cause shown may grant areasonable extension of not more than forty-five days.  For depositoryinstitutions, the independent audit report specified in this paragraph shallcomply with the requirements for annual reports under section 36 of the FederalDeposit Insurance Act (12 U.S.C. §1831m), as amended; provided that for adepository institution which, in any fiscal year, is a small depositoryinstitution within the meaning of section 36(j) of the Federal DepositInsurance Act, or any implementing regulations thereunder, the independentaudit report specified in this paragraph shall comply with the requirements forannual independent audits of financial statements under section 36(d).  Fortrust companies, the independent audit report shall contain audited financialstatements prepared in accordance with generally accepted accounting principlesand shall be based on an audit performed in accordance with generally acceptedauditing standards, the independent auditor's report on the fair presentationof the financial statements and any qualification to the report, any managementletter, and any other report.  Hawaii financial institutions that aresubsidiaries of a financial institution holding company may satisfy therequirements of this paragraph by filing an independent audit report of thefinancial institution holding company;

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

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

(B)  For a Hawaii financial institution, otherthan a nondepository financial services loan company, trust company, or creditunion, the statements shall be filed as of March 31, June 30, September 30, andDecember 31 of each year; and

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

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

The reports shall be in a formprescribed by the commissioner and prepared in accordance with section412:3-108.  In the alternative, the institution may file the Call Reports,Consolidated Reports of Condition and Reports of Income, or Thrift FinancialReports as of those dates which are submitted to the appropriate federalregulatory agency of the institution;

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

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

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

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

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

(d)  The commissioner may impose anadministrative fine upon any financial institution failing to furnish anyreport or information as required under this section.  The fine shall notexceed $1,000 for each day that the report is delinquent and shall be recoveredpursuant 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]