(a) On or before December 31 of each year, each licensee shall pay a renewal fee pursuant to section 480J-35.

Terms Used In Hawaii Revised Statutes 480J-36

  • Commissioner: means the commissioner of financial institutions. 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.
  • 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

  • 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
  • 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
(b) The annual license renewal fee shall be accompanied by a report, in a form prescribed by the commissioner, that shall include:

(1) A copy of the licensee’s most recent audited annual financial statement, including:

(A) Balance sheets;
(B) A statement of income or loss;
(C) A statement of changes in shareholders’ equity; and
(D) A statement of cash flows, or if a licensee is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation in lieu of the licensee’s audited annual financial statement;
(2) A report detailing the installment lender‘s activities in this State since the prior reporting period, including:

(A) The number of installment loans made;
(B) The number of installment loans that have defaulted; and
(C) Any other information the commissioner may reasonably require related to performance metrics and the efficacy of the installment loan program;
(3) A report of any material changes to any of the information submitted by the licensee on its original application that have not previously been reported to the commissioner on any other report required to be filed under this chapter;
(4) A list of the principal place of business and branch locations, if any, within this State where business regulated by this chapter is being conducted by the licensee;
(5) Disclosure of any pending or final suspension, revocation, or other enforcement action by any state or governmental authority; and
(6) Any other information the commissioner may require.
(c) A licensee may renew by:

(1) Continuing to meet the licensing requirements of sections 480J-33, 480J-34, and 480J-35;
(2) Filing a completed renewal statement on a form prescribed by NMLS or by the commissioner;
(3) Paying a renewal fee; and
(4) Meeting all other requirements of this section.
(d) A licensee that has not filed an annual report deemed complete by the commissioner or paid the annual renewal fee by the renewal filing deadline, and has not been granted an extension of time to do so by the commissioner, shall have its license suspended on the renewal date. The licensee shall have thirty days after its license is suspended to file an annual report and pay the annual renewal fee, plus a late filing fee of $250 for each day that has passed since suspension; provided that the late filing fee for a nonprofit organization acting as an installment lender shall be $25 per day. The commissioner, for good cause, may grant an extension of the renewal date or reduce or suspend the late filing fees.

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