Hawaii Revised Statutes 514E-23 – Requirements for trustees

If time share units are conveyed to a trustee pursuant to § 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.

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Terms Used In Hawaii Revised Statutes 514E-23

Association: means the time share owners association. See Hawaii Revised Statutes 514E-1
Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
Trustee: A person or institution holding and administering property in trust.

(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.

Chapter 514E Contents

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Hawaii Revised Statutes 514E-23 – Requirements for trustees

Terms Used In Hawaii Revised Statutes 514E-23

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