(a) Each activity desk shall designate a principal who shall have direct management and supervision of the activity desk, including but not limited to compliance with sections 468M-9 and trust account required of activity desks; coverage amount and computation; annual report and option; adjustments; coverage upon transfer” class=”unlinked-ref” datatype=”S” sessionyear=”2022″ statecd=”HI”>468M-10.

Terms Used In Hawaii Revised Statutes 468M-2.5

  • Activity desk: means any sole proprietorship, organization, trust, group, association, partnership, corporation, society, or combination thereof, which for compensation or other consideration, acts or attempts to act as an intermediary to sell, contract for, arrange, or advertise that it can or will arrange, or has arranged, activities which are furnished by an activity provider. See Hawaii Revised Statutes 468M-1
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 468M-1
  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 468M-1
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(b) The activity desk shall designate the activity desk principal with each registration and registration renewal and shall provide notification in writing to the department within ten days after any change in the designation of the activity desk principal.
(c) The activity desk shall disclose the name and contact information of the activity desk principal to a client trust account beneficiary upon request.
(d) For purposes of this section, “principal” means a corporate officer or director, a partner in a partnership, a sole proprietor, or an individual with an ownership interest in the activity desk who shall be a signatory of any client trust account of the activity desk.

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