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;

Terms Used In Hawaii Revised Statutes 449-17

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 449-1
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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
(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.

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