§449-11  Fidelity bonds; deposit.  A
licensed escrow depository shall at all times either:



(1)  Maintain a fidelity bond executed by a surety
insurer authorized to do business in the State in an amount not less than
$25,000; provided that any bond which is subject to a deductible thereunder in
excess of $5,000 per occurrence shall require the prior approval of the
commissioner, who may take into consideration, among other factors, the amount
of the proposed bond; or



(2)  Deposit an equivalent amount of cash or
securities under such terms and conditions as are acceptable to the
commissioner,



upon all of its directors, officers, and employees
who have access to money or negotiable securities or instruments in its
possession or under its control.  Notwithstanding the above provision, the
escrow depository may carry bonds or deposit cash or securities above the
amounts required by the commissioner. [L 1967, c 144, pt of §1; HRS §449-11; am
L 1970, c 72, §2; am L 1985, c 269, §50; am L 1996, c 41, §1; am L 2001, c 184,
§3]