Hawaii Revised Statutes 449. Escrow Depositories

• 449-1 Definitions.
  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...
• 449-1.5 Applicability of Chapter.
  This chapter shall apply to all escrow depositories and to any other corporations that, by violating any of the provisions of this chapter, shall...
• 449-1.6 Name of Escrow Depository.
  The name of every escrow depository licensed to engage in business in this State shall be subject to the approval of the commissioner, and...
• 449-1.7 Indicia of Escrow Depository Prohibited.
  Unless licensed under this chapter to engage in the business of an escrow depository, no person may use the word "escrow" or words of...
• 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...
• 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)...
• 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....
• 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,...
• 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...
• 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....
• 449-5.5 Net Capital.
  [Section effective January 1, 2014. For section effective until December 31, 2013, see above.] The net capital of any corporation engaging in the escrow depository...
• 449-6 Application for License.
  (a) Any corporation desiring to be licensed as an escrow depository shall file an application upon forms to be furnished by the commissioner. The...
• 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...
• 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...
• 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...
• 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...
• 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...
• 449-8.6 Sale or Transfer of License or Change in Control.
  (a) No escrow depository license shall be transferred except as provided in subsection (c). (b) A bona fide sale of all or substantially all...
• 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...
• 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,...
• 449-11 Fidelity Bonds; Insurance or Other Security Devices.
  [Section effective January 1, 2014. For section effective until December 31, 2013, see above. See Note below.] A licensed escrow depository shall at all...
• 449-12 Errors and Omissions Insurance or Other Security Devices.
  [Section effective January 1, 2014. For section effective until December 31, 2013, see above. See Note below.] A licensed escrow depository shall at all...
• 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...
• 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...
• 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...
• 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...
• 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...
• 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...
• 449-18 Repealed.
  L 1992, c 205, §15.
• 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...
• 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...
• 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....
• 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...
• 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...
• 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...
• 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...

Last modified: October 27, 2016