HI HB1262

Permits charter tour operators subject to part II of chapter 468L to deposit client sums in a trust account maintained by a federally insured financial institution serving as a depository bank for a public charter program under 14 Code of Federal Regulations part 380.

Allows charter tour operators to maintain client trust accounts in federally insured financial institutions located outside Hawaii if they provide evidence that no Hawaii financial institution can maintain the account.

Requires charter tour operators with out-of-state trust accounts to file a notarized irrevocable agreement authorizing the department to examine and obtain copies of all business records related to the account.

Charter tour operators must bear all expenses for record reproduction, department audits, travel expenses for audits, enforcement actions, and costs of private consultants hired by the department to audit compliance.

Effective January 1, 2018, with the remainder of the Act effective July 1, 2112.