reglab/housing_qa huggingface dataset:
HI Rev Stat § 412:7-201 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:7-201 Powers granted under federal law.

 §412:7-201 Powers granted under federal law. (a) In this section "federal power" means any activity, right, privilege, or immunity granted to a federal savings and loan association under any federal statute, rule, regulation, interpretation or court decision.  (b) Any savings and loan association desiring to acquire any federal power shall file an application with the commissioner. The application shall indicate the applicable federal statute, rule, regulation, interpretation or court decision, the extent of the federal power desired, the reasons for the application, and any other information requested by the commissioner. The commissioner may by rule prescribe the form of application.  (c) If the commissioner is satisfied that the power should be granted, the commissioner shall issue a written approval of the application, subject to such terms and conditions as the commissioner deems appropriate. Other savings and loan associations may file an application if they desire the same federal power, but approval of any application need not be granted. Any federal power granted pursuant to this section is in addition to, and not in limitation of, any other provision of this chapter, and the federal power may be exercised notwithstanding any other provision in this chapter.  (d) If any federal power is terminated or modified, the commissioner may terminate or make a similar modification to any corresponding power granted under this section.  (e) The commissioner may suspend or revoke any federal power granted under this section or under previous law if the commissioner finds:  (1) That the savings and loan association has violated any conditions imposed in connection with the grant of power; or  (2) The savings and loan association has not begun to exercise such power within one year of the date it was granted.  (f) The commissioner shall retain jurisdiction over the enforcement of any power granted under this section or under previous law. Any action under subsections (d) or (e) shall be taken only after the commissioner has given the savings and loan association notice of the proposed action and an opportunity to be heard. [L 1993, c 350, pt of §1; am L 2016, c 149, §11]
HI Rev Stat § 412:7-202 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:7-202 Membership in federal home loan bank.

 §412:7-202 Membership in federal home loan bank. Any savings and loan association may become a member of a federal home loan bank organized under authority of the Federal Home Loan Bank Act, or any successor or similar system of federal home loan banks established by Congress, and may purchase and hold the shares of such federal home loan bank. The savings and loan association may have and exercise all powers not in conflict with the laws of this State incident to such membership; provided, however that notwithstanding such membership the savings and loan association and its directors, officers, and shareholders shall continue to be subject to all liabilities and duties imposed upon them by any law of this State. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-100 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-100 Applicability of article.

  §412:8-100 Applicability of article. This article shall apply to all financial institutions chartered under this article as trust companies or otherwise authorized to engage in the trust business under this chapter, whether the business of such institution is carried on in this State or elsewhere. The powers and duties of trustees imposed by case law shall not be affected by this chapter unless a provision hereof conflicts with such case law, in which event this chapter shall control. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-101 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-101 Definitions.

  §412:8-101 Definitions. In this article:  "Client" means a customer of a trust company, including without limitation a settlor or beneficiary with a vested interest, the grantor of a power, or the principal in an agency relationship. When context permits, both the settlor and the beneficiary may be clients at the same time.  "Nondepository trust company" means a type of trust company that is not authorized to accept deposits.  "Trust company" means a Hawaii financial institution which has been permitted to use the term "trust company" as part of its name, or a subsidiary, trust division or department of a bank that is a Hawaii financial institution, which engages primarily in the business of acting as a trustee, personal representative, guardian, agent, and other fiduciary, either by court appointment or by agreement.  "Trust holding company" means a financial institution holding company, other than a bank or a bank holding company which controls a trust company or another trust holding company. A bank which is authorized to engage in the business of a trust company through a subsidiary, division or department of the bank is not a trust holding company if its trust business is solely through such subsidiary, division or department. [L 1993, c 350, pt of §1; am L 2021, c 105, §4]
HI Rev Stat § 412:8-102 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-102 Necessity for trust company charter.

 §412:8-102 Necessity for trust company charter. No person shall engage in the business of a trust company in this State or control any other person engaging in the business of a trust company in this State, except through a trust company incorporated in this State and chartered under this part or through a trust division, department, or subsidiary of a bank, pursuant to article 5. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-103 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-103 Authority to serve as trustee

 §412:8-103 Authority to serve as trustee. Unless chartered as a trust company under this chapter or otherwise specifically authorized by the laws of this State, no person shall hold itself out to the general public as being available to serve as a trustee or trust company, whether or not for compensation. No person shall use the term "trust company" as part of its name unless chartered as a trust company pursuant to this chapter. [L 1993, c 350, pt of §1; am L 2008, c 196, §6]
HI Rev Stat § 412:8-200 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-200 General powers.

  §412:8-200 General powers. (a) Except as expressly prohibited or limited by this chapter, a trust company shall have the fiduciary powers specified in section 412:8-201, such powers as are granted to trustees generally by law, such other powers usual and incidental to the business of a trust company, and all rights, powers and privileges of a corporation organized under the laws of this State including but not limited to the power to:  (1) Borrow money from any source within or without the State; provided that a trust company shall not pledge or encumber any client assets for the purpose of borrowing money for its own account or benefit;  (2) Enter into repurchase agreements; and  (3) Make investments as permitted under this article.  (b) Except as otherwise expressly authorized by this chapter, a trust company shall not:  (1) Issue bills of exchange or letters of credit;  (2) Discount commercial paper;  (3) Solicit, accept, or hold deposits;  (4) Engage in a general banking, savings bank, or savings and loan association business;  (5) Engage in any business for which a real estate broker's license is required, in any business for which an insurance producer license is required, or in any business of a securities broker or dealer; and  (6) Make any loans or extensions of credit to any person; except, a trust company may:  (A) Make loans to its affiliates not exceeding in the aggregate amount twenty per cent of the trust company's capital and surplus;  (B) Make loans to its clients for the sole purpose of preventing overdrafts in the client's account or accounts or securing repayment of overdrafts in the client's account or accounts. A trust company may charge interest on such advances, subject to chapter 478. A trust company shall have a lien on the assets in the client's account or accounts for the amount of the advance or credit and interest; and  (C) Pay or advance premiums due and owing by any person to an insurance company, before the payment by the person; provided that the total amount of the payments and advances at any one time for the benefit of any one person shall not exceed two per cent of the capital and surplus of the trust company, and for the benefit of all such persons shall not exceed fifteen per cent of the capital and surplus of the trust company. [L 1993, c 350, pt of §1; am L 1995, c 56, §1; am L 2003, c 212, §12]
HI Rev Stat § 412:8-201 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-201 Fiduciary powers.

 §412:8-201 Fiduciary powers. Every trust company shall have the power and authority to serve as a trustee, personal representative, conservator, assignee for the benefit of others, or receiver, subject to the duties imposed by the instrument or by law. As used herein, the term "instrument" means any trust agreement, declaration, or other agreement, any valid will, or any court order or decree in any probate, guardianship, conservatorship, or receivership. Pursuant thereto, a trust company is authorized and empowered to exercise powers as provided by law, including but not limited to:  (1) Perform such acts as may be prudent, consistent with, and reasonably necessary to carry out the legitimate purposes of the instrument;  (2) Administer, fulfill, and discharge all lawful duties imposed by the instrument or by law, for such remuneration as may be agreed upon or provided by law;  (3) Acquire principal and income on behalf of the estate administered by the trust company, including without limitation real property, insurance proceeds, rents, interest, dividends, mortgages, bonds, bills, notes, and securities;  (4) Buy, sell, issue, negotiate, register, transfer, or countersign certificates of stock, bonds, or other obligations of any corporation, association, or municipality;  (5) Lease, purchase, hold, and convey real and personal property to the extent authorized by the instrument or by law, or consistent with the purposes thereof; and  (6) Execute and issue on behalf of the estate any documents necessary to the prudent administration thereof, including without limitation any receipts, certificates, papers, and contracts which shall be signed by an appropriate trust officer designated by the trust company. [L 1993, c 350, pt of §1; am L 2004, c 161, §36; am L 2006, c 228, §41] Cross References  Uniform Fiduciaries Act, see chapter 556.
HI Rev Stat § 412:8-202 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-202 Acting as agent.

 §412:8-202 Acting as agent. (a) A trust company may act as an agent on behalf of a principal in the transaction of any business or in the management of any property, real, personal or mixed, with such powers as the trust company may exercise under sections 412:8-200, 412:8-201, and 412:8-500; provided that its duties as agent and the terms and conditions of the agency or power are set forth either specifically or generally in a written memorandum signed by the principal.  (b) Every trust company undertaking or continuing to act as agent for any principal pursuant to this section shall mail or deliver to the principal or any authorized representative of the principal at stated intervals, not less frequently than once a year, and at the termination of the agency, a written statement of account setting forth:  (1) All receipts and disbursements since the inception of the agency or the last previous account rendered under this paragraph, as the case may be, in such detail as will identify all properties purchased or sold during the period;  (2) The credit or debit balance, as the case may be, as of the final date of the accounting period; and  (3) A complete inventory of all properties, whether real, personal, or mixed, title to or custody or safekeeping of which is then held by the trust company for the account of the principal. The account shall contain such segregation of principal and income as the principal in writing specifically requires.  (c) Unless previously barred by adjudication, consent or limitation, any claim against an agent for breach of fiduciary duty in connection with the agency relationship is barred as to any principal to whom the agent has mailed or delivered an annual or final accounting fully disclosing the matter in question unless a proceeding to assert the claim is commenced within two years after the annual or final accounting has been mailed or delivered to the principal. In any event and notwithstanding lack of full disclosure, an agent who has mailed or delivered an annual or final accounting to the principal and has informed the principal of the location and availability of records for the principal's examination is protected after three years from the date such accounting was mailed or delivered.  (d) Every trust company shall have on hand at all times in actual money of the United States an amount equal to at least twelve per cent of all agency credit balances payable on demand and of accounts payable, plus at least five per cent of all agency credit balances payable on time; provided that such reserve may be deposited payable on demand in banks and other trust companies approved by the commissioner or may be cash in the vaults of the trust company.  (e) The requirements of this section shall not apply to occasional or isolated acts performed under special instructions or at the special request of a principal who is not a general or regular client of the trust company. [L 1993, c 350, pt of §1; am L 2021, c 105, §5]
HI Rev Stat § 412:8-203 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-203 Use of nominees.

 §412:8-203 Use of nominees. A trust company acting in a fiduciary or agency capacity, and any fiduciary acting as a co-fiduciary with a trust company, may cause any stock, bond, or other security held in such capacity to be registered or held in the name of a nominee or nominees of the trust company or in the name of the trust company, without disclosing such fiduciary or agency capacity unless expressly otherwise provided by the instrument creating the fiduciary or agency relationship; provided, that the trust company:  (1) Shall permit the nominee to have possession of or access to the stock, bond, or other security;  (2) Shall clearly show on its records the name of the nominee and that the security is held by such person; and  (3) Shall be responsible for any loss resulting from the act of the nominee. No liability for any loss occasioned by the acts of the trust company or its nominee or nominees, with respect to any stock, bond, or other security so registered or held, shall be imposed upon any corporation the stock, bond, or other security of which is registered in the name of the trust company or the nominee or nominees, or upon the transfer agent or registrar of the corporation. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-204 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-204 Agreement between trust companies and banks.

 §412:8-204  Agreement between trust companies and banks. A trust company granted full trust powers may contract by written agreement with any bank or national banking association to carry on trust services in the bank's or national banking association's name and for its account at one or more of the banking offices of a bank or national banking association. A bank may permit by written agreement any trust company having its principal office in this State and exercising full trust powers to carry on trust services at one or more of its banking offices but in the name and for the account of the trust company. Any agreement provided for in this section, including any lease, or modification or extension thereof, shall not be effective as to any trust company until and unless it is approved in writing by the commissioner. The commissioner may approve or disapprove the agreement upon consideration of the sufficiency of the capital and surplus of the trust company and the bank, the need for trust services and other facts or circumstances which the commissioner may deem appropriate. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-300 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-300 Applicability of part.

  §412:8-300 Applicability of part. This part sets forth the requirements and restrictions for investments made by all trust companies. No trust company shall invest its assets except as may be permitted by this part and as may be provided elsewhere in this chapter. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-302 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-302 Deposits made by trust companies.

 §412:8-302 Deposits made by trust companies. A trust company may deposit any of its funds with a depository institution. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-400 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-400 General requirements.

Cross References Uniform Fiduciaries Act, see chapter 556.  §412:8-400 General requirements. Within the limits of the standard of a prudent investor, a trust company as fiduciary, custodian, agent, personal representative, or otherwise may acquire and retain every kind of property, real, personal, or mixed and every kind of investment, including without limitation bonds, debentures, and other corporate obligations, and corporate stocks, preferred or common, and securities of any open-end or closed-end management type investment company or unit investment trust registered under the federal Investment Company Act of 1940, as from time to time amended, and may retain property properly acquired without limitation as to time and without regard to its suitability for original purchase. Notwithstanding any other law, and unless expressly prohibited by the governing instrument, a trust company may invest fiduciary funds and other funds over which it has investment discretion in the securities of an investment company or trust to which the trust company, or an affiliate of the trust company, is providing services as investment advisor, sponsor, distributor, custodian, transfer agent, registrar, or otherwise, and is receiving reasonable remuneration for the services. Nothing herein shall authorize a departure from or variation of, the express terms or limitations set forth in the instrument creating the fiduciary relationship, but the terms "legal investment" or "authorized investment", or words of similar import, means any investment conforming to the foregoing standard. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-401 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-401 Trust funds awaiting investment.

 §412:8-401 Trust funds awaiting investment. (a) Except as may be otherwise provided by the terms of the trust, a trust company holding trust funds awaiting investment, distribution, or other use shall place any funds in excess of $100 or an amount equal to the aggregate sum it holds in trust in an interest-bearing account within a reasonable time and such interest shall be credited to the account of the trust whose funds are awaiting investment, distribution, or other use.  (b) This section shall not apply to funds held by the trust company as personal representative or guardian.  (c) The trust company shall be accountable for no other interest on such funds except as required by this section.  (d) Nothing in this section shall relieve the trust company from the obligation to invest all funds held in trust by it as required by law or the terms of the trust instrument. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-402 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-402 Common trust fund investments.

 §412:8-402 Common trust fund investments. (a) As used in this chapter the term "common trust funds" shall have the same meaning as under section 584 of the Internal Revenue Code of 1986, as the same may be hereafter amended, and shall also include any other type of collective investment fund which is exempt from federal income taxation under any other provision or regulation of the Code, or rule issued by the Internal Revenue Service or Department of Treasury.  (b) A trust company may establish one or more common trust funds for the collective investment and reinvestment of moneys contributed thereto by it as fiduciary, and by it and others as co-fiduciaries; and the trust company and its co-fiduciaries may invest funds held as trustee, guardian, or in any other fiduciary capacity in which it or they shall be authorized to invest funds, in any common trust fund, if the investment is not expressly forbidden by the instrument, decree, or order creating the fiduciary relationship. Common trust funds may be invested and reinvested in those investments in which trust companies are authorized to invest trust funds.  (c) The statutes, rules, regulations, interpretations or court decisions governing common trust funds of national banking associations, as they may be amended from time to time, shall also govern common trust funds of a trust company. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-403 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-403 Disclosure of fees.

 §412:8-403 Disclosure of fees. All fees and commissions charged by a trust company to its clients or the manner by which fees and commissions shall be determined shall be disclosed in writing prior to rendering the services for which the fees or commissions are charged. [L 1993, c 350, pt of §1]
HI Rev Stat § 412:8-500 (2021)
2021 Hawaii Revised Statutes|Title 22. Banks and Financial Institutions|412. Code of Financial Institutions|412:8-500 Powers and duties.

 §412:8-500 Powers and duties. (a) Unless otherwise prohibited or restricted by this section or any other law, a nondepository trust company shall have the general powers specified in section 412:8-200.  (b) Notwithstanding any other provision in this chapter, a nondepository trust company shall not:  (1) Solicit, accept, or hold deposits;  (2) Engage in banking business;  (3) Engage in business for which a real estate broker's license is required;  (4) Engage in any business for which an insurance producer license is required; or  (5) Engage in any business of a securities broker or dealer.  (c) A nondepository trust company shall not itself perform, and instead shall contract for, the following services for its clients, if needed:  (1) Financial advisors for client investments;  (2) Property management for client rental properties; or  (3) Real estate brokerages for client real estate transactions.  (d) A nondepository trust company shall be responsible for the performance of the service providers that it engages for its clients. [L 2021, c 105, §1]