§468L-5 Client trust accounts; maintenance of and withdrawal from such accounts. (a) Within five business days of receipt, all travel agencies shall deposit all sums received from a consumer, for travel services offered by the travel agency in a trust account maintained in a federally insured financial institution located in Hawaii. A travel agency shall be deemed to have complied with this section if:
(b) The trust account required by this section shall be established and maintained for the benefit of the consumers paying money to the travel agency. The travel agency shall not in any manner encumber the amounts in trust and shall not withdraw money therefrom except:
A travel agency may make payment through another travel agency; provided that any such payment is treated as if it were a payment by a consumer.
(c) This section shall not prevent the withdrawal from the trust account of:
(d) At the time of registration, the agency shall file with the department the account number and the name of the financial institution at which the trust account is held. The agency shall notify the department of any change in the account number or location within three business days of the change.
(e) The director, by rule, may allow for the use of other types of funds or accounts; provided that the protection for consumers is no less than that provided by this section. [L 1991, c 285, pt of §1; am L 1992, c 157, §3]