Terms Used In Hawaii Revised Statutes 480J-35

• 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
• 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}
• 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}
• Installment loan: means a loan made pursuant to this chapter. See Hawaii Revised Statutes 480J-1
• 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
• Licensee: means a person who is licensed or required to be licensed under this chapter. 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
• Nonprofit organization: means an organization that:

  (1) Has the status of a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code of 1986, as amended;

  (2) Conducts its activities in a manner that serves public or charitable purposes, rather than commercial purposes;

  (3) Receives funding, revenue, and charge fees in a manner that does not incentivize its organization or its employees to act other than in the best interests of its clients; and

  (4) Compensates its employees in a manner that does not incentivize employees to act other than in the best interests of its clients. See Hawaii Revised Statutes 480J-1

• Person: means an individual, sole proprietorship, partnership, corporation, limited liability company, limited liability partnership, or other association of individuals, however organized. See Hawaii Revised Statutes 480J-1
• Renewal: means the refinancing of an installment loan that occurs during the period between the original maturity date and the immediately preceding installment payment due date. See Hawaii Revised Statutes 480J-1