Section 16-75-7 - Trustee(a) The bank designated by the licensee as trustee of the trust fund shall be a federally insured bank regulated by federal or state authorities. Where the bank designated as trustee is not located in this State, the licensee shall disclose in all written contracts the name of the bank, the state it is located in, and its status with regard to state and federal insurance.(b) The trust company designated by the licensee as trustee of the trust fund shall be a state chartered trust company.(c) The board designated by the licensee as trustee of the trust fund shall be comprised of members, a majority of whom are residents of the State.[Eff 11/19/87; comp 1/21/92] (Auth: HRS § 441-19) (Imp: HRS §§ 441-19, 441-37)