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Accounting for moneys, property, etc. 449-16.5 Earnings on funds 449-17 Revocation and suspension of licenses 449-18 Repealed 449-19 Relocation of office 449-20 Branch offices 449-20.5 Closing branch office 449-21 Maintenance of books and records 449-22 Examinations 449-23 Removal of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

     §449-17  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 false promises concerning any escrow transaction of a character likely to mislead another;

     (3)  Pursuing a continued and flagrant course of misrepresentation, or making of false promises, through advertising or otherwise;

     (4)  Without first having obtained the written consent so to do of both parties involved in any escrow transaction, acting for both parties in connection with such transaction, or collecting or attempting to collect commissions or other compensation for its services from both of the parties;

     (5)  Failing, within a reasonable time, to account for any moneys belonging to others which may be in the possession or under the control of the licensee;

     (6)  Any other conduct constituting fraudulent or dishonest dealings;

     (7)  Violating any of the provisions of this chapter or the rules promulgated pursuant thereto;

     (8)  Splitting fees with or otherwise compensating others not licensed hereunder for referring business;

     (9)  Commingling the moneys or other property of others with its own;

    (10)  Engaging in an unsafe or unsound practice that is likely to cause insolvency or substantial dissipation of assets or earnings of the licensee;

    (11)  Failing to maintain books and records that are sufficiently complete and accurate so as to permit the commissioner to determine the financial condition of the licensee; and

    (12)  Ceasing, for a period of six consecutive months or more, to engage in the business for which its license was granted.

     No license shall be suspended for longer than five years and no corporation whose license has been revoked shall be eligible to apply for a new license until the expiration of five years. [L 1967, c 144, pt of §1; HRS §449-17; am L 1985, c 269, §50; am L 1998, c 69, §1]