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Hawaii Revised Statutes Division 3. Property; Family § 514E-23

Current as of January 01, 2022 | Updated by FindLaw Staff

If time share units are conveyed to a trustee pursuant to section 514E-19, the following requirements shall be met:

(1) The trustee must be a bank, savings and loan association, or a trust company meeting the requirements of any rules adopted by the director pursuant to chapter 91.

(2) The trustee must at all times:

(A) Maintain fidelity bonds in a form approved by the director in such amounts and providing coverage as required by rules adopted by the director pursuant to chapter 91; and

(B) Maintain a policy of errors and omissions insurance in a form approved by the director in such amounts and providing coverage as required by rules adopted by the director pursuant to chapter 91.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 3. Property; Family § 514E-23 - last updated January 01, 2022 | https://codes.findlaw.com/hi/division-3-property-family/hi-rev-st-sect-514e-23/

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