-34 Issuance of license; grounds for denial. (a) The commissioner shall conduct a study of each and every applicant to determine the monetary duty, character, and basic physical physical fitness for the applicant. The commissioner shall issue the applicant a permit to take part in the company of creating dollar that is small in the event that commissioner determines that:
(1) The applicant or, when it comes to an applicant that click the link now isn’t a person, all the applicant’s control people, executive officers, directors, general lovers, and handling users, has not had a little buck loan provider license revoked in almost any jurisdiction; so long as a subsequent formal holiday of the revocation shall never be considered a revocation;
(2) The applicant or, when it comes to an applicant that’s not a person, each one of the applicant’s control people, executive officers, directors, basic lovers, and handling users, is not convicted of, pled accountable or nolo contendere to, or been issued a deferred acceptance of a responsible plea under federal legislation or under chapter 853 to a felony in a domestic, international, or armed forces court:
(A) through the seven-year duration preceding the date associated with application for certification; or
(B) At any moment preceding the date of application, in the event that felony included a work of fraudulence, dishonesty, breach of trust, or cash laundering;
so long as any pardon of a conviction shall never be deemed a conviction for the purposes with this part;
(3) The applicant or, in the event of an applicant that isn’t an individual, all the applicant’s control people, executive officers, directors, general lovers, and handling people, has demonstrated responsibility that is financial character, and basic physical physical fitness to command the self- confidence regarding the community also to justify a dedication that the applicant shall operate seriously, fairly, and efficiently, pursuant for this chapter. A person is not financially responsible when the person has shown a disregard in the management of the person’s financial condition for the purposes of this paragraph. a determination that any particular one has revealed a neglect within the handling of the individuals economic condition may depend on:
(A) current judgments that are outstanding except judgments entirely due to medical costs;
(B) active outstanding tax liens or other federal federal government liens and filings, susceptible to applicable disclosure rules and administrative guidelines;
(C) Foreclosures inside the previous 3 years; and
(D) A pattern of really accounts that are delinquent days gone by 3 years;
(4) The applicant or, in the case of an applicant that isn’t a person, each one of the applicant’s control people, executive officers, directors, basic lovers, and handling members, is not convicted of, pled accountable or contendere that is nolo, or been provided a deferred acceptance of the bad plea under federal legislation or chapter 853 to virtually any misdemeanor involving a work of fraudulence, dishonesty, breach of trust, or cash laundering;
(5) The applicant has pleased the certification needs with this chapter; and
(6) The applicant gets the relationship needed by section -35.
(b) The applicant or, when it comes to a job candidate which is not a person, each one of the applicant’s control persons, executive officers, directors, basic lovers, and handling users shall submit authorization to your commissioner for the commissioner to conduct criminal record checks to ascertain or confirm the details in subsection (a) in each state in which the individual has carried out the financing of tiny buck loans. Authorization pursuant to the subsection shall add consent to produce fingerprints that are additional if required, to police force or regulatory figures in other states.
(c) a permit shall never be given to a job candidate:
(1) Whose permit to conduct company under this chapter, or any comparable statute in just about any other jurisdiction, happens to be suspended or revoked within 5 years regarding the filing for the current application;
(2) Whose permit to conduct company when you look at the tiny buck loan or payday industry has been revoked by the administrative purchase given by the commissioner or the commissioner’s designee, or the certification authority of some other state or jurisdiction, for the time specified when you look at the administrative purchase;
(3) who may have promoted or made loans that are internet breach with this chapter; or
(4) that has neglected to finish a software for licensure.
(d) a permit released according to this chapter continues to be in effect and effect until surrendered, suspended, or revoked, or before the permit expires because of nonpayment regarding the yearly permit renewal charge as needed by this chapter.
-35 charges; relationship. (a) a little buck loan provider shall pay listed here fees into the unit to have and continue maintaining a legitimate permit under this chapter:
(1) Initial application charge of $900;
(2) Processing charge of $35 for every single control individual;
(3) yearly permit renewal charge of $600;
(4) relevant cost charged by the entities performing the criminal record background check of every associated with the applicant’s control people, executive officers, directors, general lovers, and handling users for distribution into the Federal Bureau of research and any government agency or entity authorized to receive the fingerprints for a situation, nationwide, and worldwide criminal background background check; and
(5) Applicable cost charged by the entities performing an unbiased credit history obtained from a customer reporting agency described in part 603(p) associated with the Fair credit scoring Act, name 15 usa Code part 1681a(p).
(b) Each branch workplace shall pay listed here charges into the unit to have and keep maintaining a legitimate permit under this chapter:
(1) Nonrefundable i nitial application cost of $600; and
(2) Annual permit renewal cost of $450.
(c) The applicant shall file and maintain a surety relationship, authorized by the commissioner, performed by the applicant as obligor and also by a surety business authorized to use as being a surety in this State, whose obligation as being a surety will not meet or exceed, within the aggregate, the penal amount of the relationship. The penal amount of the relationship will be a the least $30,000 and no more than $250,000, based on the dollar that is annual of loans originated.
(d) The relationship required by subsection (c) shall cost their state of Hawaii as obligee for the employment and advantageous asset of hawaii and of anyone or people and also require a factor in action contrary to the licensee as obligor under this chapter. The bond will be trained upon the immediate following:
(1) The licensee as obligor shall faithfully abide conform to and by this chapter and all sorts of the guidelines used under this chapter; and
(2) The relationship shall p ay towards the State and anyone or people having an underlying cause of action resistant to the licensee as obligor all moneys which will be due and due to their state and the ones individuals under and also by virtue with this chapter.
( ag e) Each little buck loan provider shall spend a nonrefundable charge of $ towards the unit for each office this is certainly relocated.
-36 Renewal of license; yearly report. (a) On or before December 31 of every 12 months, each licensee shall spend a renewal cost pursuant to part -35.
(b) The yearly renewal fee will probably be combined with a written report, in a questionnaire recommended by the commissioner, which shall consist of:
(1) a duplicate regarding the licensee’s latest audited yearly statement of finance, including stability sheets, declaration of income or loss, declaration of alterations in investors’ equity, and declaration of cash flows or, in cases where a licensee is a wholly owned subsidiary of some other organization, the consolidated audited yearly financial record regarding the parent company instead of the licensee’s audited yearly statement of finance;