Current through the 2024 Legislative Session
Section 480J-35 - Fees; bond(a) An installment lender shall pay the following fees to the division to obtain and maintain a valid license under this chapter: (1) An initial application fee of $1,000;(2) A processing fee of $35 for each control person;(3) An annual license renewal fee of the greater of: (B) An amount equal to the sum of $0.15 per installment loan originated during the previous year plus 0.08 per cent of the dollar volume of loans originated during the previous year; provided that for the purposes of calculating the renewal fee, all installment loans originated by the installment lender between the third quarter of the previous year and third quarter of the current year shall be considered.(4) Any applicable fee charged by the entities conducting the criminal history background check for each of the applicant's control persons, executive officers, directors, general partners, and managing members for submission to the Federal Bureau of Investigation and any governmental agency or entity authorized to receive the fingerprints for a state, national, and international criminal history background check; and(5) Any applicable fee charged by the entities obtaining an independent credit report from a consumer reporting agency as described in section 603(p) of the Fair Credit Reporting Act, title 15 United States Code section 1681a(p); provided that the application fee and annual license renewal fee shall not apply to a nonprofit organization acting as an installment lender.
(b) A nonprofit organization acting as an installment lender shall pay the following fees to maintain a valid registration as a nonprofit organization in NMLS: (1) An initial registration fee of $200;(2) An annual registration renewal fee of $150; and(3) A late fee of $25 per day if the nonprofit registration expires and the nonprofit organization continues to act as an installment lender.(c) The applicant shall file and maintain a surety bond that is approved by the commissioner and executed by the applicant as obligor and by a surety company authorized to operate as a surety in this State, whose liability as a surety does not exceed, in the aggregate, the penal sum of the bond. The penal sum of the bond shall be a minimum of $30,000 and a maximum of $250,000, based upon the annual dollar amount of loans originated.(d) The surety bond required by subsection (c) shall run to the State of Hawaii as obligee for the use and benefit of the State and of any person or persons who may have a cause of action against the licensee as obligor under this chapter. The bond shall be conditioned upon the following: (1) The licensee as obligor shall faithfully conform to and abide by this chapter and all rules adopted under this chapter; and(2) The bond shall pay to the State and any person or persons having a cause of action against the licensee as obligor all moneys that may become due and owing to the State and those persons under and by virtue of this chapter.(e) Each installment lender shall pay a nonrefundable fee of $100 to the division for each office that is relocated.Added by L 2021, c 56,§ 2, eff. 1/1/2022.