HRS §412:2-110
Emergency approval of applications without usual steps
In an emergency, like when a financial institution is failing, the commissioner can approve an application without the usual investigation, notice, comment, or hearing. The commissioner must still check that the application meets legal requirements. If the commissioner later finds a good reason, the approval can be taken back with written notice.
financial institutionsstate agencies
The statute, as written — Emergency applications
Notwithstanding any law to the contrary, an application may be approved by the commissioner without investigation, notice, comment, or hearing in any case in which the commissioner determines to be an emergency arising from the insolvency of an existing institution or to prevent the failure of an existing institution. No emergency application may be granted unless the commissioner determines that the relevant statutory criteria have been met. Notwithstanding the granting of any approval, if the commissioner discovers good cause why an approval should not have been granted, the approval may be revoked by giving written notice of revocation to the applicant.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.