HRS §412:6-201
Getting federal powers for a savings bank
This section lets a savings bank ask the state banking commissioner for powers that federal law gives to federal savings banks. The bank must file an application with details, and the commissioner decides whether to approve it. The commissioner can add conditions, and can later change, suspend, or revoke the power under certain circumstances.
courtssurveyors
The statute, as written — Powers granted under federal law
(a) In this section "federal power" means any activity, right, privilege, or immunity granted to a federal savings bank under any federal statute, rule, regulation, interpretation or court decision. (b) Any savings bank desiring to acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation, or court decision; the extent of the federal power desired; the reasons for the application; and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application. (c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other savings banks may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision in this chapter. (d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section. (e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds: (1) That the savings bank has violated any conditions imposed in connection with the grant of power; or (2) The savings bank has not begun to exercise such power within one year of the date it was granted. (f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action under subsections (d) or (e) shall be taken only after the commissioner has given the savings bank notice of the proposed action and an opportunity to be heard.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.