A licensed escrow depository shall at all times either:

(1) Maintain a fidelity bond executed by a surety insurer authorized to do business in the State in an amount not less than $100,000; provided that any bond which is subject to a deductible thereunder in excess of $10,000 per occurrence shall require the prior approval of the commissioner, who may take into consideration, among other factors, the amount of the proposed bond; or

Terms Used In Hawaii Revised Statutes 449-11

  • Commissioner: means the commissioner of financial institutions of this State. 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
(2) Deposit an equivalent amount of cash or other security device under such terms and conditions as are acceptable to the commissioner,

upon all of its directors, officers, and employees who have access to money or negotiable securities or instruments in its possession or under its control. Notwithstanding the above provision, the escrow depository may carry bonds or deposit cash or securities above the amounts required by the commissioner.

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