HAR §16-28-37. Fidelity bond

(a) The escrow depository shall file 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 cash equivalent to any deductible amount in excess of $5,000 is maintained, pursuant to an agreement in a form prescribed by the commissioner. The fidelity bond shall apply to all officers, directors, and employees of the escrow depository who have access to cash, negotiable instruments, or securities within the possession and control of the escrow depository. (b) In lieu of the fidelity bond, the escrow depository may deposit $25,000 in the form of a certificate of deposit, an unconditional and irrevocable letter of credit, or securities acceptable to the commissioner, together, in each instance, with an agreement in a form prescribed by the commissioner. [Eff 8/13/87; am and comp 1/27/01; comp 8/04/05] (Auth: HRS §449-2) (Imp: HRS §449-11)