HRS §412:2-507
Fast approval to save a failing financial institution
When a Hawaii financial institution is about to fail, the commissioner can quickly approve certain actions to prevent that failure. This includes allowing another institution to open a branch, or giving a new corporation or qualified bidder a charter or license, if they already have provisional approval.
businessesfinancial institutions
The statute, as written — Expedited approvals
If the commissioner finds that immediate action is necessary in order to prevent the probable failure of the Hawaii financial institution, as determined by section 412:2-501, the commissioner shall have the power to issue an expedited approval authorizing the following: (1) In the case of a Hawaii financial institution seeking to acquire the failing financial institution, expedited approval for the establishment of a branch; (2) In the case of a new corporation or for a qualified bidder, a charter for a bank or savings bank or a license to engage in the business of a depository financial services loan company; provided that the applicant has secured provisional approval to organize as required in section 412:2-508.
Sections this one refers to
§412:2-501 What happens when the state says a bank is failing
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.