Hawaii Administrative Rules
Title 6 - DEPARTMENT OF BUDGET AND FINANCE
Division - PUBLIC UTILITIES COMMISSION
Chapter 62 - MOTOR CARRIER RULES AND CLASSIFICATION OF PROPERTY AND PASSENGER CARRIERS
Subchapter 2 - INSURANCE REQUIREMENTS
Section 6-62-11 - Bond as proof of financial responsibility

(a) If proof of financial ability to assume the liability described in sections 6-62-8 and 6-62-9 is evidenced by a bond of individual sureties, each surety must own real estate in the State, the aggregate value of the equity in the real estate of all sureties being equal to at least twice the amount of the bond. The real estate shall be scheduled in the bond, approved by the insurance commissioner of the State. The bond shall be conditioned for payment of the amounts specified in this subchapter.

(b) The bond shall be filed with the commission and shall not be cancelable except after ten days' written notice to the commission.

(c) The bond shall constitute a lien in favor of the State upon the real estate scheduled in the bond. The lien shall exist in favor of any holder of a final judgment against the person who has filed such bond, for the type of damages specified in this subchapter. The holder of any final judgment must file a certificated copy of the final judgment with the State bureau of conveyances.

(d) If a judgment rendered against the principal of any surety bond is not satisfied within sixty days after becoming final, the judgment creditor may, for the judgment creditor's own use and benefit and at the judgment creditor's sole expense, bring an action or actions in the name of the State against the company or persons executing the bond. The judgment creditor may bring any action or proceeding to foreclose any lien that may exist upon the real estate of persons executing the bond. The action must conform as closely as possible to the procedure for the foreclosure of mortgages.