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

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Terms Used In Hawaii Revised Statutes 412:8-500

  • Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. See Hawaii Revised Statutes 412:1-109
  • Contract: A legal written agreement that becomes binding when signed.
  • deposits: means money or its equivalent received or held by a person in the usual course of business and for which it has given or is obligated to give credit, either conditionally or unconditionally, to a demand, checking, savings, time, passbook, negotiable order of withdrawal, thrift, or share account, or which is evidenced by its passbook, certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument, or a check, draft, or share draft drawn against a deposit account and certified by a person, on which the person is primarily liable. See Hawaii Revised Statutes 412:1-109
(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.