(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 26-9(o):
Terms Used In Hawaii Revised Statutes 449-14
Branch office: means any location, separate from the principal place of business of the escrow depository, that is identified by any means to the public or customers as a location at which the licensee holds itself out as an escrow depository. See Hawaii Revised Statutes 449-1
Division: means the division of financial institutions of the department of commerce and consumer affairs. See Hawaii Revised Statutes 449-1
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Escrow: means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. See Hawaii Revised Statutes 449-1
Escrow depository: means the corporation which, in an escrow, and for compensation, receives, holds, and delivers the money, other consideration, or instrument affecting title to real property. See Hawaii Revised Statutes 449-1
(1) For filing and investigation of an escrow depository’s application for license, $5,000;(2) For initial issuance of an escrow depository license, $2,000;(3) For an application for approval to establish a branch office, $100;(4) For an application for approval to relocate an existing office or branch, $100;(5) For annual renewal of an escrow depository’s license, $2,000;(6) For initial issuance and annual renewal of a branch office license, $100;(7) For reissuance of a license for the change in the business address of its office, $50; provided that a reissuance caused by changes to the address by the United States Postal Service shall not require payment of a fee;(8) For reissuance of a license for a change in the licensee’s name, $50;(9) For an application for a proposed change in control of the licensee, $5,000; and(10) For an application for approval to cease business as an escrow depository, $0.(b) For all escrow depositories examined by the commissioner or the commissioner’s staff, the commissioner:
(1) May charge an examination fee based upon the cost per hour per examiner. The hourly fee shall be $60;(2) May charge additional amounts for travel, per diem, mileage, and other reasonable expenses incurred in connection with the examination; and(3) Shall bill the affected escrow depository for examination fees and expenses as soon as feasible after the close of the examination or investigation. The affected escrow depository shall pay the division within thirty days following the billing. All payments shall be deposited into the compliance resolution fund established pursuant to section 26-9(o). Any dispute by the affected escrow depository relating to these billings shall be reviewed by the commissioner who may modify, waive, or suspend any billing.(c) An escrow depository that fails to make a payment required by this section shall be subject to an administrative penalty of not more than $200 per day for each day it is in violation of this section.(d) Any fee authorized by this section may be set or modified by the commissioner by rule adopted pursuant to chapter 91.
