(b) ahead of sale or project of a dollar that is small agreement held by the little buck loan provider as a consequence of a little dollar loan, the financial institution shall spot a notice regarding the tiny buck loan agreement in at the very least twelve-point type that reads:
SMALL DOLLAR LOAN
No licensee may pledge, negotiate, offer, or designate a tiny buck loan, except to a different licensee or even to a bank, cost cost savings bank, trust business, cost savings and loan or building and loan relationship, or credit union arranged beneath the legislation of Hawaii or the guidelines for the united states of america.”
-17 Maintenance of publications and documents. (a) Every tiny buck loan provider shall retain in a secure and protected spot those books and documents that straight relate with any little dollar loan made inside this State, along with other publications and records because might be needed for the commissioner to make sure complete conformity aided by the regulations for this State.
(b) All books and documents might be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or comparable forms; so long as the publications and documents are easily available and can even easily be analyzed.
(c) All documents, statements, and reports needed or authorized by this chapter will be manufactured in writing within the English language.
(d) Every loan provider shall preserve most of its documents for at the least six years or even for a better or smaller duration given that commissioner may prescribe by guideline used pursuant to chapter 91.
Role II. LICENSING
-31 permit required. Nobody, unless exempt under this chapter, shall work as a dollar that is small in this State unless certified to do this because of the commissioner.
-32 Exemptions. This chapter shall perhaps maybe not apply to the annotated following:
(1) a standard bank;
(2) A nondepository service loan company that is financial
(3) an end that is”open plan”, as defined when you look at the Truth in Lending Act, 15 united states of america Code part 1602(j); or
(4) an income tax reimbursement expectation loan.
-33 L icense; application; issuance. (a) The commissioner shall need all licensees to join up with NMLS.
(b) candidates for the permit shall use in a questionnaire as recommended by NMLS or by the commissioner. The applying shall include, at the very least, the after information:
(1) The name that is legal trade names, and company address associated with applicant and, in the event that applicant is really a partnership, association, restricted liability business, restricted obligation partnership, or company, of each member, officer, principal, or director thereof;
(2) The principal office;
(3) The complete address of any other branch workplaces at which the applicant currently proposes to participate in making dollar that is small; and
(4) O ther data, economic statements, and relevant information as the commissioner may need with regards to the applicant or, if a job candidate just isn’t a person, each one of the applicant’s control people, executive officers, directors, basic lovers, and handling people.
(c) To match the purposes for this chapter, the commissioner may come into agreements or agreements with NMLS or other entities to utilize NMLS to get and continue maintaining records and process deal charges or other costs associated with licensees or any other people susceptible to this chapter.
(d) with the aim and also to the level required to take part in NMLS, the commissioner may waive or change, in entire or in component, by guideline or purchase, any or every one of the demands for this chapter and establish requirements that are new fairly essential to participate in NMLS.
( ag ag e) regarding the a credit card applicatoin for the permit under this chapter, the applicant, at a minimum, shall furnish to NMLS information or product in regards to the applicant’s identification, including:
(1) Fingerprints regarding the applicant or, if a job candidate just isn’t a person, each one of the applicant’s control people, executive officers, directors, basic partners, and handling people for distribution towards the Federal Bureau of research and any agency that is governmental entity authorized to receive the fingerprints for a situation, nationwide, and worldwide criminal record background check, followed closely by the relevant cost charged because of the entities performing the criminal record background check; and
(2) individual history and connection with the applicant or, if a job candidate isn’t a person, all the applicant’s control persons, executive officers, directors, general lovers, and managing people in an application prescribed by NMLS, like the distribution of authorization for NMLS as well as the commissioner to acquire:
(A) a completely independent credit history obtained from the customer reporting agency described in part 603(p) regarding the Fair credit rating Act, name 15 usa Code part 1681a(p); and
(B) Information pertaining to any administrative, civil, or unlawful findings by any jurisdiction that is governmental
provided the commissioner can use any information acquired pursuant to the subsection or through NMLS to ascertain a job candidate’s demonstrated economic obligation, character, you could try these out and basic physical fitness for licensure.
(f) The commissioner can use NMLS as a representative for requesting information from and circulating information into the united states of america Department of Justice or any government agency.
(g) The commissioner could use NMLS as a representative for requesting and distributing information to and from any supply directed by the commissioner.
(h) a job candidate for the permit being a dollar that is small will probably be registered because of the company enrollment unit associated with division to complete company in this State before a permit pursuant to the chapter will be issued.