(a) Every escrow depository shall keep in a safe and secure place within this State those books and records that directly relate to any escrow business conducted within this State, and such other books and records as may be necessary for the commissioner to ensure full compliance with the laws of this State.

Terms Used In Hawaii Revised Statutes 449-21

  • 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
  • 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
(b) All books and records may be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or similar forms, provided that they are readily accessible and may be easily examined.
(c) All records, statements, and reports required or authorized by this chapter shall be made in writing in the English language.
(d) Every escrow depository shall preserve all of its records for a minimum of six years or for such greater or lesser period as the commissioner may prescribe.

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