Title 25, Professions And Occupations

[§449-1.8] Confidential portion of application or records. 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. [L 2001, c 184, pt of §1]

§449-1.9 Powers of commissioner. 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 pu…

§449-10 Suit on bond. 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 compete…

§449-11 Fidelity bonds; insurance or other security devices. [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 th…

§449-12 Errors and omissions insurance or other security devices. [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 …

§449-13 Cancellation of bonds or insurance; withdrawal of deposits. None of the bonds or insurance or deposits in lieu thereof required by this chapter shall be canceled or withdrawn as to future accruing liability except upon prior written notice to the commissioner: sixty days'…

§449-14 Fees. (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…

§449-15 Audited statements. (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 prepare…

§449-16 Accounting for moneys, property, etc. (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 oth…

§449-16.5 Earnings on funds. 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 th…

§449-17 Revocation and suspension of licenses. The commissioner may revoke any license issued hereunder, or suspend the right of the licensee to use the license, for any of the following causes: (1) Making any misrepresentation concerning any escrow transaction; (2) Making any fa…

[§449-19] Relocation of office. No escrow depository may relocate its offices without first obtaining prior written approval from the commissioner. The application shall set forth the reasons for the relocation and other information that may be required by the commissioner. [L 19…

§449-2 Rules. Subject to chapter 91, the commissioner may adopt such rules as the commissioner deems necessary for the effective administration and enforcement of this chapter. [L 1967, c 144, pt of §1; HRS §449-2; am L 1985, c 269, §50; gen ch 1985; am L 1992, c 205, §3]

[§449-20] Branch offices. No escrow depository may establish a branch office without first obtaining prior written approval from the commissioner. The application shall set forth the reasons for the branch office and other information that may be required by the commissioner. [L …

[§449-20.5] Closing branch office. (a) An escrow depository shall give the commissioner notice of its intent to close any branch office at least thirty days prior to the closing. The notice shall: (1) State the intended date of closing; (2) Specify the reasons for the closing; an…

[§449-21] Maintenance of books and records. (a) Every escrow depository shall keep in a safe and secure place within this State those books and records that directly relate to any escrow business conducted within this State, and such other books and records as may be necessary fo…

[§449-22] Examinations. (a) The commissioner may conduct examinations of escrow depositories as often as the commissioner deems necessary for the purpose of assuring that the escrow depository is in compliance with all laws, rules, or orders issued by the commissioner. (b) The co…

[§449-23] Removal of officers or directors. (a) The commissioner may order the removal of any officer or director from office or employment with an escrow depository and prohibit the person's affiliation or participation in the affairs of the escrow depository if the commissioner…

§449-24 Termination of escrow depository operations. (a) A solvent escrow depository whose capital is not impaired and that has not received a notice of charges and proposed suspension or revocation order pursuant to section 449-17 may cease its business and surrender its license…

§449-3 Excepted from 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…

§449-4 Administrative penalty. (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 chapt…

§449-5 License required to act as escrow depository. (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 sha…

§449-5.5 Net capital. 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. [L 1973, c 174, §§1, 2; am L…

§449‑6 Application for license. (a) Any corporation desiring to be licensed as an escrow depository shall submit an application in writing and in a form prescribed by NMLS or by the commissioner. The application shall be accompanied by a filing fee no part of which shall be refun…

§449-7 Investigation and ruling. 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 th…

[§449-7.4] Grant of approval. (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 t…

§449-7.5 Licensing requirements. (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 …

§449‑8 Issuance and renewal of license. After approval of the application, and payment of the license fee, the commissioner shall issue to the applicant a license to act as an escrow depository. The license shall be effective only upon the applicant's filing with the commissioner…

[§449-8.5] Denial of license. 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 befor…

§449-8.6 Sale or transfer of license or change in control. (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 tran…

§449-9 Escrow depository's bond. 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…