[ §480J -40] Authorized places of business; principal office; branch offices; relocation; closure.

310 words·~1 min read·/hi/480j-21

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[ §480J -40] Authorized places of business; principal office ; branch offices; relocation; closure.

(a)Every installment lender licensed under this chapter shall have and maintain a principal place of business in the State, regardless of whether the installment lender maintains its principal office outside of the State.

(b)An installment lender shall not maintain any branch offices in the State in addition to its principal place of business without the prior written approval of the commissioner. No business shall be conducted at a branch office until the branch office has been licensed by the commissioner.

(c)An application to establish a branch office shall be submitted through NMLS with a nonrefundable application fee as required by section 480J-35.

(d)An installment lender shall not relocate any office in this State without the prior written approval of the commissioner. An application to relocate an office shall be submitted to the commissioner at least thirty days prior to relocation and shall set forth the reasons for the relocation, street address of the proposed relocated office, and any other information required by the commissioner. An application to relocate an office pursuant to this subsection shall be submitted with a nonrefundable fee as required by section 480J-35.

(e)An installment lender shall give the commissioner notice of its intent to close a branch office at least thirty days prior to the closing. The notice shall:

(1)State the intended date of closing; and

(2)Specify the reasons for the closing.

(f)The principal place of business and each branch office of the installment lender shall be identified in NMLS to consumers as a location at which the licensee holds itself out as an installment lender.

(g)A license issued under this chapter shall be prominently displayed in the principal place of business and each branch office. [L 2021, c 56, pt of §2]