§412:3-507 - Closing branch or agency; temporary closures and relocations.
§412:3-507 Closing branch or agency; temporary closures and relocations. (a) A Hawaii financial institution shall give the commissioner prior notice of its intent to close any branch or agency at least thirty days prior to the closing. The notice shall specify:
(1) The intended date of closing;
(2) The reasons for the closing; and
(3) A certification by the secretary or other authorized officer of the institution that the decision to close was duly approved by its board of directors.
This notice may be satisfied by providing to the commissioner a copy of any notice pertaining to the closure given to the financial institution's appropriate federal regulatory agency.
(b) A Hawaii financial institution may temporarily close or relocate a branch or agency for a period of time up to one hundred eighty days, or a longer time period as determined necessary by the commissioner in the event of an emergency or for other good cause. For purposes of this section, an emergency means a situation of an unusual or compelling urgency that creates a threat to life, public health, welfare, or safety by reason of major natural disaster, epidemic, riot, fire, or other reason as determined by the commissioner. Written notice of a temporary closure or relocation shall be provided to the commissioner and to the Hawaii financial institution's customers as soon as practicable, and shall state:
(1) The reasons for the temporary closure or relocation;
(2) The expected date of reopening; and
(3) Information regarding where and how customers of the closed or relocated branch or agency will be accommodated during the temporary closure or relocation.
The notice provided to the Hawaii financial institution's customers shall be in the form of a sign posted in a safe, conspicuous location on or in proximity to the primary public entrance of the branch or agency that has been or will be temporarily closed or relocated. Notice of the reopening of the branch or agency that was temporarily closed or relocated shall be provided to the commissioner within five days of the reopening. Written notice to the commissioner of temporary closure and subsequent reopening of a branch or agency shall not be required when the Hawaii financial institution reopens at that location within two business days. [L 1993, c 350, pt of §1; am L 2008, c 196, §5; am L 2009, c 107, §1]