§412:3-212  Final application for charter or
license.  (a)  After completing its organization of the Hawaii financial
institution, the applicant in organization may file with the commissioner an
application for a charter or license to engage in the business of a Hawaii financial institution.  The application shall be in a form prescribed by the
commissioner and, unless waived by the commissioner, shall contain the
following information:



(1)  A sworn statement by the applicant in
organization that it has complied with all requirements of law concerning the
organization of the proposed financial institution, including but not limited
to the requirement that the full amount of its required capital and surplus has
been paid in or deposited in escrow under terms satisfactory to the
commissioner;



(2)  The names and addresses of all common and
preferred shareholders, and elected or appointed directors and executive
officers of the proposed financial institution and any holding company of the
financial institution, and the number of shares owned by each;



(3)  A description of any material changes that have
occurred in the financial institution's organizers or the applicant in
organization, its business plan, and its financial condition since the issuance
of the preliminary approval to organize, accompanied by updated financial
statements of the financial institution, any holding company of the financial
institution, the applicant in organization, and all executive officers and
directors of the financial institution and any holding company of the financial
institution;



(4)  Evidence that all federal deposit insurance,
fidelity bonds, and any other insurance, as represented in the application for
preliminary approval to organize, have been or will be obtained and in effect
prior to opening;



(5)  A description of the financial institution's
disaster recovery policies and programs, security programs, and all vending
contractors for electronic data processing and servicing that are or will be in
effect prior to opening; and



(6)  Any other information that the commissioner may
require.



(b)  The commissioner shall review the
application, may conduct an examination of the financial institution, and may
interview any proposed director or executive officer.



(c)  If the commissioner is satisfied that the
financial institution and, if applicable, its holding company have fulfilled
all the requirements of law and the grounds for preliminary approval, and that
the financial institution is qualified to engage in the business of a financial
institution, the commissioner shall issue a written decision and order
approving the application.  The order may restrict the payment of dividends for
a period of up to three years, and may contain any other conditions and
restrictions on the financial institution that are in the public interest,
including but not limited to the divestment of any contractual arrangement with
an affiliate or subsidiary involving any type of business not permitted under
this chapter.  Upon the satisfactory fulfillment by the financial institution
and, if applicable, its holding company of the conditions in the written
decision and order approving the application and upon the payment by a
depository financial services loan company of an initial license fee
established by rule pursuant to chapter 91, the commissioner shall issue to the
financial institution a charter or license to engage in the business of a
financial institution under this chapter. [L 1993, c 350, pt of §1; am L 2006,
c 228, §21]