§514E-23 - Requirements for trustees. - Hawaii Statutes

     §514E-23  Requirements for trustees.  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. [L 1982, c 186, §11]