(a) The commissioner shall require all licensees to register with NMLS.

Terms Used In Hawaii Revised Statutes 480J-33

  • Commissioner: means the commissioner of financial institutions. See Hawaii Revised Statutes 480J-1
  • Consumer: means a natural person who is the buyer, lessee, or debtor to whom credit is granted in a transaction that is primarily for that natural person's personal, family, or household purposes. See Hawaii Revised Statutes 480J-1
  • Control: means the power, either directly or indirectly, to direct management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Hawaii Revised Statutes 480J-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.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 480J-1
  • Division: means the division of financial institutions of the department of commerce and consumer affairs. See Hawaii Revised Statutes 480J-1
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • lender: means any person who is in the business of offering or making a consumer loan, who arranges a consumer loan for a third party, or who acts as an agent for a third party, regardless of whether the third party is exempt from licensure under this chapter or whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method including mail, telephone, the Internet, or any electronic means. See Hawaii Revised Statutes 480J-1
  • NMLS: means the Nationwide Multistate Licensing System and Registry, which is a licensing system developed and maintained by the Conference of State Bank Supervisors 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 480J-1
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Place of business: means a location where installment loans are offered or made and includes each website through which a consumer may apply for an installment loan from an installment lender. See Hawaii Revised Statutes 480J-1
(b) Applicants for a license shall apply in a form prescribed by NMLS or by the commissioner. The application shall contain, at a minimum, the following information:

(1) The legal name, trade names, and business address of:

(A) The applicant; and
(B) Every member, officer, principal, or director thereof, if the applicant is a partnership, association, limited liability company, limited liability partnership, or corporation;
(2) The principal place of business;
(3) The complete address of any other branch offices at which the applicant proposes to engage in making installment loans; and
(4) Any other data, financial statements, and pertinent information the commissioner may require with respect to the applicant or, if an applicant is not an individual, each of the applicant’s control persons, executive officers, directors, general partners, and managing members.
(c) To fulfill the purposes of this chapter, the commissioner may enter into agreements or contracts with NMLS or other entities to use NMLS to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
(d) For the purpose and to the extent necessary to participate in NMLS, the commissioner may waive or modify, in whole or in part, by rule or order, any or all of the requirements of this chapter and establish new requirements as reasonably necessary to participate in NMLS.
(e) In connection with an application for a license under this chapter, the applicant, at a minimum, shall furnish to NMLS information or material verifying the applicant’s identity, including:

(1) Fingerprints of the applicant or, if an applicant is not an individual, fingerprints of each of the applicant’s control persons, executive officers, directors, general partners, and managing members for submission to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive the fingerprints for a state, national, and international criminal history background check, accompanied by the applicable fee charged by the entities conducting the criminal history background check; and
(2) Information verifying the personal history and experience of the applicant or, if an applicant is not an individual, the personal history and experiences of each of the applicant’s control persons, executive officers, directors, general partners, and managing members in a form prescribed by NMLS, including authorization for NMLS and the commissioner to obtain:

(A) An independent credit report from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act, title 15 United States Code § 1681a(p); and
(B) Information related to any administrative, civil, or criminal findings by any governmental jurisdiction;

provided that the commissioner may use any information obtained pursuant to this subsection or through NMLS to determine an applicant’s demonstrated financial responsibility, character, and general fitness for licensure.

(f) The commissioner may use NMLS as an agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency.
(g) The commissioner may use NMLS as an agent for requesting information from and distributing information to any source directed by the commissioner.
(h) An applicant for a license as an installment lender shall be registered with the business registration division of the department to do business in this State before a license pursuant to this chapter may be granted.

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