2009 Hawaii Code
Volume 10
TITLE 25 - PROFESSIONS AND OCCUPATIONS
CHAPTER 468M - ACTIVITY PROVIDERS AND ACTIVITY DESKS
§468M-9 - Client trust accounts; maintenance of and withdrawal from such accounts.
[§468M-9] Client trust accounts; maintenance of and withdrawal from such accounts. (a) Within three business days of receipt, an activity desk shall deposit all sums received from a consumer, for excursions or activities offered by the activity desk in a trust account maintained in a federally insured financial institution located in Hawaii.
(b) The trust account required by this section shall be established and maintained for the benefit of the consumers paying money to the activity desk. The activity desk shall not in any manner encumber the amounts in trust and shall not withdraw money therefrom except:
(1) In partial or full payment for excursion or activities to the activity provider directly providing the services; or
(2) To make refunds as required by this chapter.
(c) This section shall not prevent the withdrawal from the trust account of:
(1) The amount of the sales commission, up to a maximum of fifteen per cent;
(2) Any interest earned and credited to the trust account;
(3) Refunds; or
(4) Remaining funds of a consumer once the activity provider has been paid.
(d) At the time of registration, the activity desk shall file with the department the account number and the name of the financial institution at which the trust account is held or submit a bond or letter of credit as provided in section 468M-10. The activity desk shall notify the department of any change in the account number or location within one business day of the change.
(e) The director may, by rule, allow for the use of other types of funds or accounts provided that the protection for consumers is no less than that provided by this section. [L 1991, c 240, pt of §1, §§2, 4; ren and am L 1992, c 231, pt of §2, §§3, 6; am L 1995, c 174, §§1, 2; am L 1998, c 248, §§1, 2]
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