HRS §412:8-500
What a nondepository trust company can and cannot do
A nondepository trust company has the same general powers as other trust companies, but it cannot take deposits, do banking, or act as a real estate broker, insurance producer, or securities broker. It must hire outside professionals for certain client services and is responsible for their work.
trustees
The statute, as written — Powers and duties
(a) Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200. (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.
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