(a) Nothing in this chapter shall create or be construed to create any obligation of the director, the State, or any agency or instrumentality of the State to guarantee for the benefit of any account owner or designated beneficiary with respect to the:

Terms Used In Hawaii Revised Statutes 256B-7

  • Account owner: means the person who enters into a savings agreement pursuant to this chapter. See Hawaii Revised Statutes 256B-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
  • Contract: A legal written agreement that becomes binding when signed.
  • Director: means the director of finance. See Hawaii Revised Statutes 256B-1
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1) Return of principal;
(2) Rate of interest or other return on any account; or
(3) Payment of interest or other return on any account.
(b) The director shall adopt rules to provide that every contract, application, or other similar document that may be used in connection with opening an account clearly indicates that the account is not insured by the State and that the principal deposited and the investment return are not guaranteed by the State.

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