Application Procedures for New Financial Institutions

Very generally, for most types of new financial institutions, the application procedure involves:

1. Filing an application in the prescribed form, submitting the appropriate number of duplicates;
2. Filing the appropriate application fee concurrently with the application; and
3. Publishing notice of the filing of the application in a newspaper of general circulation, in the manner and form prescribed by the Commissioner, and filing a copy of that notice with the DFI office. (See, Section 412:3-204, Hawaii Revised Statutes ("HRS") and Section 16-25-24, Hawaii Administrative Rules ("HAR")

Specific requirements vary by type of institution, so the relevant statutes and rules are referenced below:

For a bank, savings bank, savings and loan association, trust company, or depository financial services loan company, see Part II, Article 3 of Chapter 412, HRS; Subchapters 2 and 3, Chapter 25 of Title 16, HAR.

For a nondepository financial services loan company, see Part III, Article 3 of Chapter 412, HRS; Subchapters 2 and 3, Chapter 25 of Title 16, HAR.

For a credit union, see Sections 412:10-103 through 412:10-108, HRS; Subchapter 2, Chapter 25 of Title 16, HAR. (No public notice requirement.)

For a foreign bank branch or agency, see Sections 412:13-202, -203, -204, and -206, HRS; Subchapter 2, Chapter 25 of Title 16, HAR. (No public notice requirement.)

For a foreign bank representative office, see Sections 412:13-216 and -217, HRS; Subchapter 2, Chapter 25 of Title 16, HAR. (No public notice requirement.)

NOTICE: The Hawaii Administrative Rules are in the process of being updated. Where there is any conflict between a statute and an administrative rule, the statute prevails.

Research Aids:
For online access to the Hawaii Revised Statutes ("HRS"), go to www.capitol.hawaii.gov and select "Status & Documents". If you use the Search feature, then in the "Search the HRS text for" box, enter key words descriptive of the statute you wish to access. If you use the Browse feature and wish to see Chapter 412, HRS, click on "Browse", click on "Vol08", then click on "hrs412_CFI". CAUTION: Statutes amended or repealed as a result of a recent Legislative Session may not be updated as yet in the online Hawaii Revised Statutes.

For online access to Title 16 of the Hawaii Administrative Rules, go to http://hawaii.gov/dcca/dfi/har/.

If you need assistance in accessing state government documents online, please call the Public Access Room of the Legislative Reference Bureau at (808) 587-0478, or e-mail par@capitol.hawaii.gov.