HRS §431C-43
Fraud warning must be included in life settlement contracts
Life settlement contracts and their applications must include a warning that knowingly providing false information is a crime that can lead to fines and prison. Not having this warning cannot be used as a defense in a fraud prosecution.
everyone
The statute, as written — Fraud warning required
(a) Life settlement contracts and applications for life settlement contracts, regardless of the form of transmission, shall contain the following statement or a substantially similar statement: "Any person who knowingly presents false information in an application for insurance or life settlement contract is guilty of a crime and may be subject to fines and confinement in prison." (b) The lack of a statement as required in subsection (a) shall not constitute a defense in any prosecution for a fraudulent life settlement act.
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