Bill Text: HI SB2443 | 2010 | Regular Session | Introduced
Bill Title: Exchange Accommodation; Regulation; DCCA
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2010-01-25 - (S) Referred to CPN. [SB2443 Detail]
Download: Hawaii-2010-SB2443-Introduced.html
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THE SENATE |
S.B. NO. |
2443 |
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TWENTY-FIFTH LEGISLATURE, 2010 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to exchange accommodation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 449-1, Hawaii Revised Statutes, is amended as follows:
1. By adding a new definition to be appropriately inserted and to read:
""Exchange accommodation" means any real estate transaction that involves the exchange of real property subject to section 1031 of the Internal Revenue Code, as amended."
2. By amending the definition of "escrow" to read:
""Escrow" means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. "Escrow" includes exchange accommodation."
3. By amending the definition of "escrow depository" to read:
"Escrow depository" means the corporation which, in an escrow, and for compensation, receives, holds, and delivers the money, other consideration, or instrument affecting title to real property. An escrow depository includes a person who provides exchange accommodations."
SECTION 2. Section 449-1.7, Hawaii Revised Statutes, is amended to read as follows:
"[[]§449-1.7[]]
Indicia of escrow depository prohibited. Unless licensed under this
chapter to engage in the business of an escrow depository, no person may use
the word "escrow", "exchange accommodation, or words of
similar import, or translations of those words, as a facetious or fanciful
name, or in a manner that might suggest or tend to lead others into believing
that the person is an escrow depository[.] or exchange accommodator."
SECTION 3. Section 449-5, Hawaii Revised Statutes, is amended to read as follows:
"§449-5 License required to act as escrow depository. No person shall act as an escrow depository in this State unless it is a corporation licensed to do so by the commissioner.
No person subject to the provisions of this chapter not licensed or exempted under this chapter shall transact any business under any name, title or descriptive term which contains the words "escrow", "escrow depository", "exchange accommodation", or any other word or phrase having the same or similar meaning."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Exchange Accommodation; Regulation; DCCA
Description:
Regulates the profession of exchange accommodation.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
