HAR §16-25-37. Additional disqualification criteria

(a) Managerial resource test. The presumption that in the absence of credible evidence to the contrary, a director, officer, or controlling person is of good character and sound financial standing may be rebutted by evidence to the contrary, including without limitation a finding that such director, officer, or controlling person has: (1) Consented to or suffered a judgment in any administrative action based upon conduct involving an act of fraud or dishonesty; (2) Consented to or suffered any indictment, formal investigation, examination, or civil or administrative proceedings that resulted in any agreement, undertaking, consent, or order issued by any federal or state court, any department, agency, or commission of the United States government, any state or municipality, any self-regulatory 25-19 §16-25-37 trade or professional organization, or any foreign government or governmental entity, which involves an act of fraud or dishonesty; (3) Been involved in the denial, withdrawal after receipt of formal or informal notice of an intent to deny, by the applicant or affiliates of the applicant, of: (A) Any application relating to the organization of a financial institution; (B) An application to acquire any financial institution, subsidiary or holding company thereof; or (C) A notice relating to a change in control of any financial institution, subsidiary or holding company thereof; or (4) Been placed in receivership or conservatorship during the preceding ten years, was a management official or director of a financial institution which entered into receivership or conservatorship, was placed in a management consignment program, or was liquidated during his or her tenure or within two years thereafter. (b) Financial resource and future prospects test. The following factors shall give rise to a rebuttable presumption that the applicant has not satisfied the financial resources and future prospects criteria: (1) Liability for amounts of debt which, in the opinion of the commissioner, create excessive risks of default and pressure on the institution; (2) Failure to furnish a business plan or furnishing a business plan projecting activities which are inconsistent with the standards of the financial services industry. (c) Subsections (a) and (b) shall not be deemed an exclusive list of the grounds upon which the commissioner may find that the relevant criteria have not been met. [Eff 8/13/87; am and comp 1/27/01; comp 8/04/05] (Auth: HRS §§412:2-100, 412:2-107) (Imp: HRS §§412:2-503, 412:2-504, 412:2-508, 412:3-201, 412:3-202, 412:3-206, 412:3-212, 412:3-301, 412:3-304, 412:3-402, 412:3-503, 412:3-505, 412:3-607, 412:3-608, 412:3-609, 412:3-611, 412:3-612, 412:3-613, 412:5-201, 412:5-203, 412:5-205, 412:5-205.5, 412:5-205.7, 412:5-302, 412:5-305, 412:5-402, 412:5A-201, 412:6-201, 412:6-203, 412:6-204, 412:6-303, 412:6-306, 412:7-201, 412:7-203, 412:7-204, 412:7-306, 412:7-408, 412:8-204, 412:8-301, 412:9-201, 412:9-400, 412:9-401, 412:9-403, 412:9-409, 412:10-103, 412:10-107, 412:10-109, 412:10-121, 412:10-201, 412:10-502, 412:10-800, 412:10- 803, 412:12-102, 412:12-103, 412:12-104, 412:12-107, 412:13-202, 412:13-203, 412:13-205, 412:13-213, 412:13-214, 412:13-216, 412:13-217, 412:13-218, 412:13- 222, 412:13-301) 25-20