(b) just before sale or assignment of a dollar that is small agreement held by the tiny buck loan provider because of a tiny buck loan, the lending company shall put a notice regarding the tiny buck loan agreement in at the least twelve-point type that reads:
SMALL DOLLAR LOAN
No licensee may pledge, negotiate, offer, or assign a tiny buck loan, except to a different licensee or even to a bank, savings bank, trust business, cost cost cost savings and loan or building and loan association, or credit union arranged beneath the rules of Hawaii or perhaps the laws and regulations associated with the united states of america.”
-17 Maintenance of publications and documents. (a) Every dollar that is small shall retain in a secure and protected destination those publications and documents that straight connect with any little buck loan made inside this State, along with other publications and records since might be required for the commissioner to make sure complete conformity using the laws and regulations with this State.
(b) All publications and documents could be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or forms that are similar so long as the books and documents are easily accessible and may even easily be analyzed.
(c) All documents, statements, and reports needed or authorized by this chapter will probably be manufactured in writing within the English language.
(d) Every loan provider shall protect every one of its documents for at the least six years or even for a better or lower duration since the commissioner may recommend by guideline used pursuant to chapter 91.
Role II. LICENSING
-31 permit required. No individual, unless exempt under this chapter, shall behave as a dollar that is small in this State unless certified to do this because of the commissioner.
-32 Exemptions. This chapter shall maybe maybe not connect with the annotated following:
(1) a lender;
(2) A nondepository monetary solution financial institution;
(3) an end that is”open plan”, as defined within the Truth in Lending Act, 15 united states of america Code area 1602(j); or
(4) a taxation refund 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 application form shall include, at the very least, the information that is following
(1) The name that is legal trade names, and business target regarding the applicant and, in the event that applicant is a partnership, association, restricted liability business, restricted obligation partnership, or firm, of each member, officer, principal, or director thereof;
(2) The place that is principal of;
(3) The complete target of every other branch workplaces of which the applicant currently proposes to participate in making little buck loans; and
(4) O ther data, economic statements, and information that is pertinent the commissioner may need according to the applicant or, if a job candidate is certainly not a person, each one of the applicant’s control people, executive officers, directors, basic partners, and handling users.
(c) To match the purposes with this chapter, the commissioner may come right into agreements or agreements with NMLS or other entities to utilize NMLS to get and keep maintaining records and procedure deal costs or any other costs pertaining to licensees or other individuals at the mercy of this chapter.
(d) with the objective also to the degree 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 needs with this chapter and establish brand new demands as reasonably required to take part in NMLS.
( ag e) regarding the a credit card applicatoin for a permit under this chapter, the applicant, at least, shall furnish to NMLS information or product regarding the applicant’s identification, including:
(1) Fingerprints associated with applicant or, if a job candidate isn’t a person, all 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 get the fingerprints for circumstances, nationwide, and worldwide criminal record background check, followed closely by the relevant charge 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 is certainly not a person, each one of the applicant’s control people, executive officers, directors, basic lovers, and handling people in a questionnaire recommended by NMLS, like the submission of authorization for NMLS therefore the commissioner to have:
(A) an unbiased credit history obtained from the customer reporting agency described payday loans Iowa in part 603(p) of this Fair Credit Reporting Act, name 15 united states of america Code part 1681a(p); and
(B) Information pertaining to any administrative, civil, or unlawful findings by any government jurisdiction;
provided the commissioner can use any information acquired pursuant to the subsection or through NMLS to ascertain a job candidate’s demonstrated monetary obligation, character, and basic physical physical physical fitness for licensure.
(f) The commissioner can use NMLS as a representative for requesting information from and dispersing information into the united states of america Department of Justice or any agency that is governmental.
(g) The commissioner could use NMLS as a real estate agent for requesting and information that is distributing and from any source directed by the commissioner.
(h) a job candidate for a license as a tiny buck loan provider will be registered utilizing the company enrollment unit of this division to accomplish company in this State before a permit pursuant for this chapter will be provided.