412:2-507 Expedited approvals. If the commissioner finds that immediate action is necessary in order to prevent the probable failure of the Hawaii financial institution, as determined by section 412:2‑501, the commissioner shall have the power to issue an expedited approval authorizing the following:

(1) In the case of a Hawaii financial institution seeking to acquire the failing financial institution, expedited approval for the establishment of a branch;

(2) In the case of a new corporation or for a qualified bidder, a charter for a bank or savings bank or a license to engage in the business of a depository financial services loan company; provided that the applicant has secured provisional approval to organize as required in section 412:2-508. [L 1993, c 350, pt of 1; am L 1999, c 245, 3]


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