A Hawaii financial institution maintaining a branch or agency outside of this State shall be subject to the following requirements:

(1) The accounts of each out-of-state branch or agency of the financial institution shall be maintained independently of the accounts of all its other out-of-state branches or agencies, and independently of its offices, branches, and agencies in this State. At the end of every quarter of its fiscal year the financial institution shall transfer to its general ledger at its principal office the profit and loss from each out-of-state branch or agency as separate items;
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Terms Used In Hawaii Revised Statutes 412:3-509

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Financial institution: means a Hawaii financial institution, and unless the context indicates otherwise, a federal financial institution or foreign financial institution. See Hawaii Revised Statutes 412:1-109
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(2) The commissioner may at any time conduct examinations of any out-of-state branch or agency and may at any time order its discontinuance for the same reasons as a branch or agency within the State may be ordered to be discontinued. The financial institution maintaining the out-of-state branch or agency shall pay for the cost of all examinations, as provided in § 412:2-105; and
(3) A financial institution may act as the fiscal agent of the United States through any of its out-of-state branches or agencies.

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