Application Procedures, Forms, and Fees for New Escrow Depositories

Pursuant to Section 449-6, Hawaii Revised Statutes ("HRS") and Section 16-28-10, Hawaii Administrative Rules ("HAR"), any corporation desiring to be licensed as an escrow depository shall file an application using DFI Form AP-Es, in duplicate, providing the following information:

1. The corporate name, amount of capital, and office address of the applicant;
2. The names of the stockholders, officers, and directors of the applicant;
3. Evidence of the character, financial responsibility, experience, and ability of the officers and directors; and
4. The names of the proposed escrow officers and their qualifications.

The applicant shall pay an application fee of $2,000 (authorized by Section 449-14(a)(1), HRS), which fee must accompany the application. All fees are nonrefundable and must be paid by check made payable to the "Department of Commerce and Consumer Affairs, State of Hawaii".

Upon the filing of an application, the applicant shall publish notice of the filing of the application in a newspaper of general circulation, in the manner and form prescribed in Section 16-28-19, HAR. This rule also requires including a specifically-worded statement apprising the public of an opportunity to comment on the application. A copy of the public notice shall be filed with the DFI office.

Upon approval of the application, the applicant shall pay a $100 license fee (authorized by Section 449-14(a)(4), HRS). Please note that, pursuant to Section 449-8, HRS, the license shall be effective only upon the applicant's filing with the Commissioner an escrow depository's bond and evidence that fidelity bonds and errors and omissions insurance, or cash or securities deposits permitted in lieu thereof, have been obtained, all as provided in Sections 449-9, 449-11, and 449-12, HRS.

Unofficial booklets containing Chapter 449, HRS and Chapter 28, Title 16, HAR may be ordered using the DFI Form M - Publication-by-Mail-Order Form, or are available for purchase at the DFI Office. To see a list of other available booklets and publications, go to "Reports & Publications".

For online access to the Hawaii Revised Statutes ("HRS"), go to www.capitol.hawaii.gov and select "Status & Documents". If you use the Search feature, then in the "Search the HRS text for" box, enter key words descriptive of the statute you wish to access. If you use the Browse feature and wish to see Chapter 449, HRS, click on "Browse", click on "Vol10", then click on "hrs449". CAUTION: Statutes amended or repealed as a result of a recent Legislative Session may not be updated as yet in the online Hawaii Revised Statutes.

For online access to Title 16 of the Hawaii Administrative Rules (HAR), go to http://hawaii.gov/dcca/dfi/har. NOTICE: The Hawaii Administrative Rules are in the process of being updated. Where there is any conflict between a statute and an administrative rule, the statute prevails.

If you need assistance in accessing state government documents online, please call the Public Access Room of the Legislative Reference Bureau at (808) 587-0478, or e-mail par@capitol.hawaii.gov.