(a) Any corporation or any person intending to form a corporation incorporated in this State may file an application with the commissioner for a license to engage in the business of a nondepository financial services loan company.

Terms Used In Hawaii Revised Statutes 412:3-301

  • Capital: means :

    (1) The aggregate par value or other amount received and allocated to the issued and outstanding capital stock of a financial institution; or

    (2) The total amount of a credit union's outstanding and unimpaired membership shares or share accounts. See Hawaii Revised Statutes 412:1-109

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 412:1-109
  • Company: means any corporation, partnership, trust (business or otherwise), association, joint venture, pool syndicate, unincorporated organization, or any form of business entity not specifically listed herein and, unless specifically excluded, a financial institution; provided that "company" does not mean any trust existing on July 1, 1993, which under its terms must terminate within twenty-five years, or not later than twenty-one years and ten months after the death of individuals living on the effective date of the trust. See Hawaii Revised Statutes 412:1-109
  • Control: means , unless the context clearly requires otherwise, directly or indirectly, solely or through another person or transaction, or in concert with another:

    (1) Owning or having the power to vote twenty-five per cent or more of any class of voting securities;

    (2) Owning or having the power to exercise twenty-five per cent or more of the votes of a mutual association, credit union, or other entity whose voting rights are not determined by voting securities;

    (3) Owning or having the power to vote ten per cent or more of any class of voting securities if:

    (A) the issuer of that class of securities has issued any class of securities under section 12 of the Securities Exchange Act of 1934, as amended; or

    (B) immediately after the acquisition, no other person will own a greater percentage of that class of voting securities;

    (4) Having the power to elect by any means a majority of the directors; or

    (5) Having the power to exercise a dominant influence over management, if so determined by the commissioner after notice and a hearing. See Hawaii Revised Statutes 412:1-109

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Federal: means belonging to, part of, or related to the government of the United States of America. See Hawaii Revised Statutes 412:1-109
  • Holding company: means any company which controls another company. See Hawaii Revised Statutes 412:1-109
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Person: means a natural person, entity or organization, including without limitation an individual, corporation, joint venture, partnership, sole proprietorship, association, cooperative, estate, trust, or governmental unit. See Hawaii Revised Statutes 412:1-109
  • this State: means the State of Hawaii, its political subdivisions, agencies, and departments. See Hawaii Revised Statutes 412:1-109
(b) The application shall contain the following information, unless waived by the commissioner:

(1) The proposed name of the nondepository financial services loan company, the location of its principal office, and any lease agreements for the principal office;
(2) Any intended or existing affiliates, subsidiaries, and holding company of the proposed nondepository financial services loan company and the extent and nature of the holding company’s control over the operations of the proposed nondepository financial services loan company;
(3) A business plan which shall contain the following:

(A) A written description of the company’s proposed financial products;
(B) A written statement which explains how the scope of the proposed business complies with article 9 and why any existing lines of business do not conflict with article 9;
(C) A written description of the company’s proposed plan of marketing its products, whether through affiliates, subsidiaries, service corporations, or holding company;
(D) Financial projections regarding the nondepository financial services loan company’s profitability; and
(E) Any and all contractual arrangements which are intended to be executed between the nondepository financial services loan company and its holding company, affiliates, and subsidiaries;
(4) Financial statements, employment history, education, management experience, and other biographical information for the proposed executive officers and directors of the nondepository financial services loan company and its holding company, if any;
(5) Proposed policies regarding loans, investments, operations, accounting, recordkeeping, and compliance with applicable federal and state consumer laws;
(6) The name and address of each proposed subscriber of capital stock in the nondepository financial services loan company or the majority shareholders in any holding company;
(7) A copy of the nondepository financial services loan company’s articles of incorporation and bylaws;
(8) Information necessary to conduct a criminal history record check in accordance with section 846-2.7 of each of the proposed directors and executive officers of the nondepository financial services loan company, accompanied by payment of the applicable fee for each record check to be conducted; and
(9) Any other information that the commissioner may require.
(c) The application shall be submitted on a form prescribed by the commissioner and shall be accompanied by an application fee assessed pursuant to section 412:2-105.2.
(d) The identity of each applicant and organizer, and any information which is not confidential shall be available to the public. The applicant may request in writing that information be kept confidential. The applicant shall designate and separate any matter which the applicant claims is confidential and shall submit a separate statement providing the reasons and authority for the request for confidential treatment. The failure by the applicant to request confidential treatment and designate and separate the confidential matter shall preclude any objection or claim for wrongful disclosure of the same. Information determined by the commissioner to be confidential, pursuant to an applicant’s request or otherwise, shall not be available to the public.

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