HRS §412:3-209
Minimum money and property financial institutions must have
This section sets the minimum amount of paid-in capital and surplus that each type of financial institution in Hawaii must have at all times. New applicants must meet this before getting a charter or license. The money or property must be approved by the commissioner.
financial institutions
The statute, as written — Paid-in capital and surplus
(a) Every financial institution existing or organized under the laws of this State shall at all times, and every applicant in organization shall, before filing the final application for a charter or license under this part and at all times thereafter, have paid-in capital and surplus of not less than the following amounts for each type of institution specified below: Banks $5,000,000 Savings banks $3,000,000 Savings and loan associations $2,000,000 Trust companies $1,500,000 Nondepository trust companies $1,000,000 Depository financial services loan companies $1,000,000 (b) The initial paid-in capital and surplus of each financial institution shall be in money or in the form of such other property as may be authorized by the board of directors and approved in writing by the commissioner.
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