[412:13-229] Immediate suspension or revocation. (a) If the commissioner finds that any of the factors set forth in section 412:13-228(b) are true with respect to any foreign bank that is licensed to maintain a Hawaii state branch or Hawaii state agency, and that it is necessary for the protection of the interests of creditors of the foreign bank's business in this State or, in any case, for the protection of the public interest that the commissioner immediately suspend or revoke the license of the foreign bank, the commissioner may issue, without notice and hearing, an order immediately suspending or revoking the license of the foreign bank for a period of up to twenty days, pending investigation or hearing.

(b) The order immediately suspending or revoking the license shall be accompanied by a notice of charges which states the alleged grounds for the order. The notice of charges shall set forth a time and place for a hearing to determine whether the immediate order of suspension or revocation shall be made final.

(c) The order shall be effective upon service on the Hawaii state branch or Hawaii state agency and shall remain in effect until a final order is issued after a hearing, a final order is consented to, or the charges are dismissed upon completion of a hearing. The foreign bank may contest the issuance of the immediate suspension or revocation order by applying to the circuit court for an injunction.

(d) Within twenty days after the service of a notice of charges, unless an earlier date or later date is set by the commissioner upon request of the foreign bank, the commissioner shall hold a hearing in accordance with chapter 91. If no appearance is made at the scheduled hearing by the foreign bank or the foreign bank's authorized representative, the foreign bank shall be deemed to have consented to the issuance of the final suspension or revocation order. Any appeal of a final order of suspension or revocation shall be made to the circuit court in accordance with chapter 91.

(e) Any order of immediate suspension or revocation may be enforced in the circuit court upon application by the commissioner. Any final order of suspension or revocation issued in accordance with this section may be enforced as provided for in section 412:13-228(c). [L 1996, c 155, pt of 2]

 

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