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

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

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

(3)  A description of any material changes that haveoccurred in the financial institution's organizers or the applicant inorganization, its business plan, and its financial condition since the issuanceof the preliminary approval to organize, accompanied by updated financialstatements of the financial institution, any holding company of the financialinstitution, the applicant in organization, and all executive officers anddirectors of the financial institution and any holding company of the financialinstitution;

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

(5)  A description of the financial institution'sdisaster recovery policies and programs, security programs, and all vendingcontractors for electronic data processing and servicing that are or will be ineffect prior to opening; and

(6)  Any other information that the commissioner mayrequire.

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

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