§514E-23  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.
[L 1982, c 186, §11]