Chapters

CHAPTER 449 ESCROW DEPOSITORIES

Contents 449-1 Definitions 449-1.5 Applicability of chapter 449-1.6 Name of escrow depository 449-1.7 Indicia of escrow depository prohibited 449-1.8 Confidential portion of application or records 449-1.9 Powers of commissioner 449-2 Rules 449-3 Excepted from this chapter 449-4 Administrative penalty 449-5 License required to act as escrow depository 449-5.5 Net capital 449-6 Application for license 449-7 Investigation and ruling 449-7.4 Grant of approval 449-7.5 Licensing requirements 449-8 Issuance and renewal of license 449-8.5 Denial of license 449-8.6 Sale or transfer of license or change in control 449-9 Escrow depository's bond 449-10 Suit on bond 449-11 Fidelity bonds; deposit 449-12 Errors and omissions insurance; deposit 449-13 Cancellation of bonds or insurance; withdrawal of deposits 449-14 Fees 449-15 Audited statements 449-16 Accounting for moneys, property, etc. 449-16.5 Earnings on funds 449-17 Revocation and suspension of licenses 449-18 Repealed 449-19 Relocation of office 449-20 Branch offices 449-20.5 Closing branch office 449-21 Maintenance of books and records 449-22 Examinations 449-23 Removal of officers or directors 449-24 Termination of escrow depository operations

     §449-12  Errors and omissions insurance; deposit.  [Section effective until December 31, 2013.  For section effective January 1, 2014, see 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 $100,000; provided that any policy which is subject to a deductible thereunder in excess of $10,000, per occurrence, shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed coverage; or

     (2)  Deposit an equivalent amount of cash or securities under such terms and conditions as are acceptable to the commissioner. [L 1967, c 144, pt of §1; HRS §449-12; am L 1970, c 72, §3; am L 1985, c 269, §50; am L 1992, c 205, §12; am L 1996, c 41, §2]

 

 

     §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 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, per occurrence, shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed coverage; or

     (2)  Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner. [L 1967, c 144, pt of §1; HRS §449-12; am L 1970, c 72, §3; am L 1985, c 269, §50; am L 1992, c 205, §12; am L 1996, c 41, §2; am L 2013, c 166, §8]

 

Note

 

  The 2013 amendment, with respect to licensees in operation on June 21, 2013, shall take effect on the date of the renewal of the security device, but not later than July 1, 2014.  L 2013, c 166, §11.