(a) Five or more residents of this State who share a common bond may file an application with the commissioner to engage in the business of a credit union.
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Terms Used In Hawaii Revised Statutes 412:10-103

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(b) The application shall contain the following information, unless waived by the commissioner:

(1) The proposed name of the credit union;
(2) Proposed lease agreements for its principal office;
(3) The territory in which the proposed credit union will operate;
(4) A business plan;
(5) Employment history, education, management experience, and other biographical information for all original chartering applicants, and proposed executive officers of the credit union;
(6) Proposed policies regarding loans, investments, operations, accounting, recordkeeping, and applicable federal and state consumer laws;
(7) Information necessary to conduct a criminal history record check in accordance with section 846-2.7 of each of the original chartering applicants and proposed executive officers of the credit union, accompanied by payment of the applicable fee for each record check to be conducted; and
(8) Any other information that the commissioner may require.
(c) The application shall be submitted on a form prescribed by the commissioner. The application shall be accompanied by a fee established by section 412:2-105.2, no part of which shall be refundable.

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