(a) Every Hawaii financial institution shall keep its books and records in a safe and secure place in this State. The commissioner may authorize such records to be maintained outside this State.
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Terms Used In Hawaii Revised Statutes 412:3-111

  • Capital: means :

    (1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

    (2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. 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
  • Hawaii financial institution: means :

    (1) A corporation or credit union that holds a charter or license under this chapter or under prior Hawaii law, authorizing it to accept deposits, to make loans in excess of the rates permitted in chapter 478, or to engage in the business of a trust company; or

    (2) A resulting bank as defined in article 12,

    and includes a corporation or credit union existing and chartered as a Hawaii financial institution or licensed to transact business in this State on July 1, 1993. See Hawaii Revised Statutes 412:1-109

  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(b) A nondepository financial services loan company which is not incorporated in this State shall maintain at its principal office in this State all books and records relevant to the transaction of its business in this State for the purpose of examination by the commissioner under § 412:2-200; provided that the commissioner may approve in writing specific books and records which may be maintained outside this State. For the purpose of an examination under § 412:2-200, specified books and records maintained outside this State shall be made available for review by the commissioner within ten business days after the date that a written request for the specified books and records is made by the commissioner, or at such subsequent time as approved in writing by the commissioner. The commissioner may impose an administrative fine on a nondepository financial services loan company which fails to make available any specified books or records as requested by the commissioner under this subsection. The fine shall not exceed $1,000 for each day that any specified books or records are not made available as requested by the commissioner. The fine shall be recovered under section 412:2-609.
(c) A computer service bureau or data processing service may be utilized to process data without obtaining the commissioner’s authorization, provided that the final books and records are maintained in accordance with subsection (a).
(d) The books and records of the Hawaii financial institution may be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or similar forms, provided that they are readily accessible and may be easily examined.
(e) Records, statements, or reports required or authorized by this chapter may be in a spoken language other than English provided that English translations are also maintained.
(f) No Hawaii financial institution shall be required to preserve or keep its records or files for a period longer than six years, except as specified in subsection (g).
(g) The following records or files of a Hawaii financial institution shall not be destroyed except in accordance with rules of the commissioner adopted under chapter 91:

(1) Minute books of meetings of shareholders, directors, and executive committees;
(2) Articles of incorporation or association and bylaws, and any amendments thereto;
(3) Capital stock ledgers; and
(4) General ledgers and trust ledgers.

These records and files may be maintained in original form or in the form of a photographic, photostatic, microfilm, microcard, miniature photographic, or other reproduction by a durable medium for reproducing the original.

(h) No liability shall accrue against any Hawaii financial institution for its destruction of its records or files in accordance with this section or the rules adopted hereunder. A showing by the financial institution that its records or files have been destroyed in accordance with this section or rules adopted hereunder shall be sufficient excuse for the failure to produce them.

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