Hawaii Revised Statutes 412:2-309 – Consent order of removal or prohibition
Terms Used In Hawaii Revised Statutes 412:2-309
- Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
- Institution-affiliated party: means any of the following:
(1) Any director, officer, employee or controlling shareholder of, or agent for, or other person that controls a financial institution;
(2) Any person who has filed or is required to file an application to become a financial institution with the commissioner or an application to acquire control of a Hawaii financial institution or financial institution holding company with the commissioner;
(3) Any shareholder, consultant, joint venture partner, and any other person as determined by the commissioner (by rule or case-by-case) who participates in the conduct of the affairs of a financial institution; or
(4) Any independent contractor (including any attorney, appraiser, or accountant) who knowingly or recklessly participates in any of the following which caused or is likely to cause more than a minimal financial loss to, or a significant adverse effect on, the financial institution:
(A) Any violation of law or rule,
(B) Any breach of fiduciary duty, or
(C) Any unsafe or unsound practice. See Hawaii Revised Statutes 412:1-109
Any institution-affiliated party may waive its rights to a hearing on any notice of charges by stipulating and consenting to the issuance of a permanent removal or prohibition order or by stipulating and consenting to the conversion of a temporary suspension order into a permanent removal or prohibition order. Any permanent removal or prohibition order issued by consent shall be effective as of the date specified therein and shall remain effective until modified or terminated by the commissioner.