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Hawaii Revised Statutes Division 2. Business § 412:8-500

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200.

(b) Notwithstanding any other provision in this chapter, a nondepository trust company shall not:

(1) Solicit, accept, or hold deposits;

(2) Engage in banking business;

(3) Engage in business for which a real estate broker's license is required;

(4) Engage in any business for which an insurance producer license is required; or

(5) Engage in any business of a securities broker or dealer.

(c) A nondepository trust company shall not itself perform, and instead shall contract for, the following services for its clients, if needed:

(1) Financial advisors for client investments;

(2) Property management for client rental properties; or

(3) Real estate brokerages for client real estate transactions.

(d) A nondepository trust company shall be responsible for the performance of the service providers that it engages for its clients.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 2. Business § 412:8-500 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-2-business/hi-rev-st-sect-412-8-500/

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