Haw. Code R. § 16-24-23 - Procedures for suit on bond or security device

(a) The commissioner or claimants against the surety device may bring suit upon the bond or security device in the court in which jurisdiction over the licensee may be obtained. In the event that valid claims against a bond exceed the amount of the bond at anyone time, each claimant shall only be entitled to a pro rata amount, based on the amount of the claim.

(b) In the event that claims against the bond or security device reduce the principal amount of the bond or security device, the licensee shall immediately replenish the principal amount of the bond or security device to meet or exceed the amount required by statute. If the licensee fails to replenish the principal within thirty days from the date the reduction occurs, the commissioner may suspend the licensee's license.

(c) Claims on the bonds or security device are nonexplosive and do not affect any other remedy available at law.

Notes

Haw. Code R. § 16-24-23

[Eff 7/23/07] (Auth: HRS §§ 489D-7, 489D-33, 489D-34) (Imp: HRS § 489D-7)