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
Devise: To gift property by will.
Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
Interest: means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan or an application for a loan, however denominated. See Hawaii Revised Statutes 480J-1
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
Licensee: means a person who is licensed or required to be licensed under this chapter. See Hawaii Revised Statutes 480J-1
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
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
Trustee: A person or institution holding and administering property in trust.
(b) A person or group of persons requesting approval of a proposed change of control of a licensee shall submit to the commissioner an application requesting approval of a proposed change of control of the licensee, accompanied by a nonrefundable application fee of $500.(c) After review of a request for approval under subsection (b), the commissioner may require the licensee or person or group of persons requesting approval of a proposed change of control of the licensee, or both, to provide additional information concerning the persons who shall assume control of the licensee. The additional information shall be limited to the information required of the licensee or persons in control of the licensee as part of its original license or renewal application under sections 480J-33 and 480J-36. The information shall include, for the five-year period prior to the date of the application for change of control of the licensee, a history of material litigation and criminal convictions of each person who, upon approval of the application for change of control, will be a principal of the licensee. Authorization shall also be given to conduct criminal history record checks of those persons, accompanied by the appropriate payment of the applicable fee for each record check.(d) The commissioner shall approve a request for change of control under subsection (b) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to control the licensee or person in control of the licensee in a lawful and proper manner, and that the interests of the public will not be jeopardized by the change of control.(e) The following persons shall be exempt from the requirements of subsection (b); provided that the licensee shall notify the commissioner when control is assumed by a person:
(1) Who acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;(2) Who acquires control of a licensee by devise or descent;(3) Who acquires control as a personal representative, custodian, guardian, conservator, trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; or(4) Whom the commissioner, by rule or order, exempts in the public interest.(f) Before filing a request for approval for a change of control, a person may request, in writing, a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction shall not be subject to subsections (b) through (d).(g) Subsection (b) shall not apply to public offerings of securities.
