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Hawaii Revised Statutes Division 2. Business § 412:2-610

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The commissioner may compromise, modify, or suspend any administrative fine which may be assessed or which has been assessed under this chapter. The commissioner may also exempt violations of informal enforcement actions from the administrative fines and penalties set forth in this chapter.

(b) In determining the amount of any administrative fine imposed under this chapter, the commissioner shall take into account the appropriateness of the fine with respect to all of the following:

(1) The size of financial resources and good faith of the financial institution or the person charged;

(2) The gravity of the violation, practice, or breach;

(3) The history of previous violations, unsafe or unsound practices, or breaches of fiduciary duty owed to the financial institution;

(4) The extent to which a federal agency has, by imposing a fine for similar conduct, mitigated the need for imposition of a particular level of administrative fine under this chapter; and

(5) Such other matters as justice may require.

(c) The Hawaii financial institution or other person against whom any administrative fine is assessed under this chapter shall be afforded a hearing in accordance with chapter 91 if the financial institution or person submits a written request for a hearing within twenty days after the service of the notice of assessment.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 412:2-610 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-412-2-610/

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