Hawaii · statute · Haw. Rev. Stat. ch. 449 · 33 active provisions
As used in this chapter: "Acquisition of control" means acquisition by a person or persons acting in concert of the power to vote fifty-one per cent or more of any voting securities of a licensee. "Branch office" means any location, separate from the principal place of business of the escrow depository, that is identif…
This chapter shall apply to all escrow depositories and to any other corporations that, by violating any of the provisions of this chapter, shall be subject to the penalties and fines provided in this chapter.
The name of every escrow depository licensed to engage in business in this State shall be subject to the approval of the commissioner, and shall have the following characteristics: (1) It shall be unique; (2) It shall not be confusing or likely to mislead the public into believing that the escrow depository is related…
Unless licensed under this chapter to engage in the business of an escrow depository, no person may use the word "escrow" or words of similar import, or translations of those words, as a facetious or fanciful name, or in a manner that might suggest or tend to lead others into believing that the person is an escrow depo…
Information contained in any application or record shall be made available to the public unless that information may be withheld from public disclosure by the commissioner under chapter 92F.
. In addition to any other powers provided by law, the commissioner may: (1) Administer and enforce the provisions and requirements of this chapter; (2) Adopt, amend, or repeal rules or declaratory rulings pursuant to chapter 91 to effectuate the purposes of this chapter; (3) Issue informal nonbinding interpretations t…
Subject to chapter 91, the commissioner may adopt such rules as the commissioner deems necessary for the effective administration and enforcement of this chapter.
This chapter does not apply to any of the following when acting as escrow depositories: (1) Banks, trust companies, and savings and loan associations, authorized under any law of this State or of the United States to do business in the State; (2) Any person licensed as a real estate broker in the State who is the broke…
(a) Any person who violates any of the provisions of this chapter, shall be subject to an administrative fine of a maximum of $5,000 for each violation. The commissioner may impose an administrative fine on a licensee or person subject to this chapter if the commissioner finds on the record after notice and opportunity…
(a) No person shall act as an escrow depository in this State unless it is a corporation licensed to do so by the commissioner. No person subject to the provisions of this chapter not licensed or exempted under this chapter shall transact any business under any name, title or descriptive term which contains the words "…
The net capital of any corporation engaging in the escrow depository business under this chapter shall not be less than $100,000. The amount of the minimum net capital of $100,000 shall be maintained at all times by the licensee.
The commissioner shall make an investigation into the information furnished by the applicant and may require the applicant to furnish additional information. If the commissioner is satisfied, with or without a hearing upon the application, that the applicant has met all the criteria set forth for approval, the commissi…
(a) Following the hearing on the application, if any, the commissioner shall issue a written decision and order. If the commissioner decides in favor of the application, the commissioner shall issue a license to act as an escrow depository pursuant to section 449-8. (b) Approval shall be granted only if the commissione…
(a) Every corporation desiring to be licensed as an escrow depository shall be incorporated in this State and have and maintain a principal place of business in the State for the transaction of its escrow depository business. (b) A license issued under this chapter shall be prominently displayed in the place or places…
If the commissioner is not satisfied that an applicant meets all the criteria set forth for approval, the commissioner shall issue a written decision denying the applicant's application. An applicant who is denied approval may request a hearing before the commissioner in accordance with chapter 91. Any final decision o…
(a) No escrow depository license shall be transferred except as provided in this section. (b) A bona fide sale of all or substantially all of the ongoing operations of a licensee shall not result in the assignment or transfer of the escrow depository license, until approved by the commissioner as provided in this secti…
Before an escrow depository's license becomes effective, the escrow depository shall give a bond to the commissioner in the penal sum of not less than $100,000 executed by a surety insurer authorized in this State, conditioned: (1) That the escrow depository will honestly, faithfully, and with diligence apply all funds…
The commissioner, or any person claiming to have sustained damage by reason of the failure of the escrow depository to comply with its bond, may bring an action on the bond to recover the damage therefrom. The commissioner may deposit with a court of competent jurisdiction all or any part of the sum of the bond.
[See Note below.] A licensed escrow depository shall at all times either: (1) Maintain a fidelity bond executed by a surety insurer authorized to do business in the State in an amount not less than $100,000; provided that any bond which is subject to a deductible thereunder in excess of $10,000 per occurrence shall req…
[See Note below.] A licensed escrow depository shall at all times either: (1) Maintain a policy of errors and omissions insurance executed by an insurer authorized to do business in the State in an amount not less than $250,000; provided that any policy which is subject to a deductible thereunder in excess of $100,000,…
None of the bonds or insurance or deposits in lieu thereof required by this chapter shall be canceled or withdrawn as to future accruing liability except upon prior written notice to the commissioner: sixty days' notice for the bonds or deposits, and thirty days' notice for the insurance. The license of any licensee sh…
(a) The following fees shall be paid by licensed escrow depositories to the commissioner and, together with any administrative penalty or other charge assessed under this chapter, shall be deposited into the compliance resolution fund established pursuant to section 26‑9(o): (1) For filing and investigation of an escro…
(a) Each escrow depository, at its own expense, shall submit to the commissioner within ninety days after the close of its fiscal year its annual financial statements accompanied by a report of an independent certified public accountant who has prepared or examined those statements. For good cause, the commissioner may…
(a) Every licensee under this chapter shall have the responsibility of a trustee for all moneys, other consideration, or instruments received by it. No licensee shall mingle any such moneys or other property with its own moneys or other property, or with moneys or other property held by it in any other capacity. All mo…
In all escrow agreements involving the purchase of real property or appurtenances thereon and in which an escrow depository acts as a fiduciary party holding the funds in escrow, any earnings on such funds during the holding thereof shall accrue to the credit of the purchaser in such transaction unless otherwise instru…