[§480J-38] Voluntary surrender of license.

334 words·~2 min read·/hi/480j-38

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A licensee may voluntarily cease business and surrender its license by giving written notice to the commissioner of its intent to surrender its license. Prior to the surrender date, the licensee shall have either completed all pending installment loan transactions or assigned each pending installment loan transaction to another licensee or entity as described in section 480J-14.

(b)Notice pursuant to this section shall be provided at least thirty days before the surrender of the license and shall include:

(1)The date of surrender;

(2)The name, address, telephone number, facsimile number, and electronic mail address of a contact individual with knowledge and authority sufficient to communicate with the commissioner regarding all matters relating to the licensee during the period that it was licensed pursuant to this chapter;

(3)The reason or reasons for surrender;

(4)The total dollar amount of the licensee's outstanding installment loans sold in Hawaii and the individual amounts of each outstanding installment loan, and the name, address, and contact telephone number of the licensee to whom each outstanding installment loan was assigned;

(5)A list of the licensee's Hawaii authorized branch offices, if any, as of the date of surrender;

(6)Confirmation that the licensee has notified each of its Hawaii authorized branch offices, if any, that the branch offices shall no longer make installment loans on the licensee's behalf; and

(7)Confirmation that the licensee has notified each of its installment loan consumers, if any, that the installment loan is being transferred and the name, address, telephone number, and any other contact information of the licensee or entity described in section 480J-14 to whom the installment loan was assigned.

(c)Voluntary surrender of a license shall be effective upon the date of surrender specified on the written notice to the commissioner as required by this section; provided that the licensee has met all the requirements of voluntary surrender and has returned the original license issued. [L 2021, c 56, pt of §2]