HAR §16-27-8. Authorized actions by commissioner

(a) The commissioner has broad supervisory and enforcement powers under chapter 412, HRS. The commissioner has the power to direct a Hawaii financial institution to discontinue any violation of law or rule, or any unsafe or unsound practice, or to cease the conduct of its business in an unsafe or unsound manner. Failure or refusal to comply with the commissioner's order shall be deemed a violation of law. (b) If an institution fails to comply with the commissioner's order, the commissioner may exercise such supervision, control, and management over the institution as the commissioner deems necessary for the public welfare, including, but not limited to, the appointment of a receiver. (c) Supervisory or enforcement action shall be taken on institutions which have been assigned a UFIRS or NRS composite rating of "3", "4", or "5", unless circumstances do not warrant the use of such supervisory tools. [Eff 8/13/87; am and comp 1/27/01] (Auth: HRS §§412:2-100, 27-3 §16-27-8 412:2-107, 412:2-300, 412:2-301, 412:12-109, 412:13-224) (Imp: HRS §§412:2-100, 412:2-300, 412:2-301, 412:2-400, 412:2-600)