§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]
Hawaii Legal Code