(a) Any corporation desiring to be licensed as an escrow depository shall submit an application in writing and in a form prescribed by NMLS or by the commissioner. The application shall be accompanied by a filing fee no part of which shall be refundable.

Terms Used In Hawaii Revised Statutes 449-6

  • Commissioner: means the commissioner of financial institutions of this State. See Hawaii Revised Statutes 449-1
  • 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.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Escrow: means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. See Hawaii Revised Statutes 449-1
  • Escrow depository: means the corporation which, in an escrow, and for compensation, receives, holds, and delivers the money, other consideration, or instrument affecting title to real property. See Hawaii Revised Statutes 449-1
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • NMLS: means a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the state licensing and registration of state-licensed loan originators and other financial services providers, or any system provided by the Consumer Financial Protection Bureau. See Hawaii Revised Statutes 449-1
(b) The application shall contain the following:

(1) The corporate name, amount of capital, and office address of the applicant;
(2) The names of the stockholders, officers, and directors of the applicant;
(3) Evidence of the character, financial responsibility, experience, and ability of the officers and directors;
(4) The names of the proposed escrow officers and their qualifications;
(5) The history of the applicant’s material litigation and criminal convictions for the five-year period prior to the date of the application;
(6) Information and authorizations necessary to conduct a criminal history record check in accordance with section 846-2.7 of each of the applicant’s controlling persons, and each of the officers, directors, and principals who will be in charge of the escrow depository‘s activities upon licensure, accompanied by the appropriate payment of the applicable fee for each record check; and
(7) Any other information the commissioner deems necessary to participate in NMLS.
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