HRS §514E-23
Rules for trustees holding time share units
When time share units are given to a trustee, the trustee must be a bank, savings and loan, or trust company that meets state rules. The trustee must always keep fidelity bonds and errors and omissions insurance as required by those rules.
developerstrustees
The statute, as written — Requirements for trustees
If time share units are conveyed to a trustee pursuant to section 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. (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.
Sections this one refers to
§514E-19 Protecting time share buyers from existing liens
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