2009 Hawaii Code
Volume 10
TITLE 25 - PROFESSIONS AND OCCUPATIONS
CHAPTER 449 - ESCROW DEPOSITORIES
§449-7.5 - Licensing requirements.

     §449-7.5  Licensing requirements.  (a)  Every corporation desiring to be licensed as an escrow depository shall be incorporated in this State and have and maintain a principal place of business in the State for the transaction of its escrow depository business.

     (b)  A license issued under this chapter shall be prominently displayed in the place or places of business of the escrow depository.

     (c)  The escrow depository business shall be under the direct management of an officer, or an employee, designated by its board of directors as escrow officer for the corporation and if the designated escrow officer terminates the escrow officer's employment with the escrow depository, the licensee shall notify the commissioner in writing at least fifteen days before the termination date of the designated escrow officer.  The licensee shall also inform the commissioner in writing of the new escrow officer for the corporation designated by its board of directors before the present escrow officer terminates the present escrow officer's employment with the company, setting forth the experience, integrity, and competency of the new designated escrow officer in handling escrow transactions, and such other information as required by the commissioner. [L 1973, c 140, §1; am L 1985, c 269, §50; gen ch 1985; am L 1992, c 205, §8]