Title 26, Trade Regulation And Practice

[§480J-13] Internet lending. (a) An installment lender may advertise and accept applications for installment loans by any lawful medium, including the Internet, and shall provide all required notices and disclosures via the Internet, and the consumer may provide a valid electroni…

[§480J-14] Notice on assignment or sale of contract. (a) No licensee shall pledge, negotiate, sell, or assign a current and performing installment loan, except to another licensee or to a bank, savings bank, trust company, financial services loan company, or credit union organize…

[§480J-15] Maintenance of books and records. (a) Every installment lender shall keep in a safe and secure place those books and records that directly relate to any installment loan made within the State, and other books and records as may be necessary for the commissioner to ensu…

§480J-2 Installment loans; requirements; payments. (a) [Repeal and reenactment on June 30, 2030. L 2025, c 116, §5.] Each installment loan transaction and renewal shall meet the following requirements: (b) In an installment loan, a lender may contract for a once-every-two-weeks, …

[§480J-3] Written agreement; requirements; disclosure. (a) Each installment loan transaction and renewal shall be documented by a written agreement signed by the installment lender and consumer. The written agreement shall contain the following information: (b) The written agreem…

PArt II. LICENSING [§480J-31] License required. (a) No person, except those exempt under this chapter, shall act as an installment lender in this State unless licensed to do so by the commissioner. (b) Any loan made in violation of this section is void, and no person shall have t…

[§480J-32] Exemptions; relation to other laws. (a) This chapter shall not apply to the following: (b) Persons licensed under this chapter shall not be subject to chapter 443B. [L 2021, c 56, pt of §2]

[§480J-33] License; application; issuance. (a) The commissioner shall require all licensees to register with NMLS. (b) Applicants for a license shall apply in a form prescribed by NMLS or by the commissioner. The application shall contain, at a minimum, the following information:…

[§480J-34] License; grounds for denial. (a) The commissioner shall conduct an investigation of every applicant to determine the applicant's financial responsibility, character, and general fitness. The commissioner shall issue the applicant a license to engage in the business of …

[§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: provided that the application fee and annual license renewal fee shall not apply to a nonprofit organization acting as an insta…

[§480J-36] License renewal; annual report. (a) On or before December 31 of each year, each licensee shall pay a renewal fee pursuant to section 480J-35. (b) The annual license renewal fee shall be accompanied by a report, in a form prescribed by the commissioner, that shall inclu…

[§480J-37] Enforcement; violations; penalties. (a) To ensure the effective supervision and enforcement of this chapter, the commissioner, pursuant to chapter 91, may take any disciplinary action specified in subsection (b) against an applicant or licensee if the commissioner find…

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

[§480J-39] Sale or transfer of license; change of control. (a) No installment lender license shall be transferred, except as provided in this section. (b) A person or group of persons requesting approval of a proposed change of control of a licensee shall submit to the commission…

[§480J-4] Authorized interest rate. (a) Subject to section 480J-2(a)(3), an installment lender may contract for and receive interest at a rate not exceeding thirty-six per cent per year on that portion of the unpaid principal balance of the installment loan. Loans shall be precom…

[§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…

[§480J-41] Payment of fees. All fees collected pursuant to section 480J-35, administrative fines, and other charges collected pursuant to this chapter shall be deposited into the compliance resolution fund established pursuant to section 26-9(o) and shall be payable through NMLS,…

[§480J-42] Commissioner; general powers. (a) The commissioner may adopt rules pursuant to chapter 91 that the commissioner deems necessary for the administration of this chapter. (b) In addition to any other powers provided by law, the commissioner may:

[§480J-43] Commissioner; investigation and examination authority. (a) In addition to the authority granted under section 480J-42(b), the commissioner shall have the authority to conduct investigations and examinations in accordance with this section. The commissioner may access, …

[§480J-44] Confidentiality. (a) Except as otherwise provided in title 12 United States Code section 5111, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to NMLS and any privilege arising under feder…

[§480J-45] Prohibited practices. (a) It shall be a violation of this chapter for a licensee; its control persons, executive officers, directors, general partners, managing members, employees, or independent contractors; or any other person subject to this chapter to: (b) In addit…

§480J-5 Maximum loan amount; prohibition against multiple loans. [Repeal and reenactment on June 30, 2030. L 2025, c 116, §5.] (a) A lender shall not lend an amount greater than $1,500 nor shall the amount financed exceed $1,500 by any one lender at any time to a consumer. (b) Ex…

[§480J-6] Right of rescission. (a) A consumer shall have the right to rescind an installment loan, at or before 5:00 p.m., Hawaii-Aleutian Standard Time, on the third business day after the date the loan was originated and at the location where the loan was originated, by returni…

[§480J-7] Notice to consumers; general requirements; right to prepay; loan limits; right to rescind. An installment lender shall provide the following notice on each written agreement for an installment loan. The notice shall be in a prominent place and in at least twelve-point t…

[§480J-8] Renewal; new loan requirements; consecutive loans; payment plan. (a) An installment loan may be renewed only once. After one renewal, the consumer shall pay the debt in cash or its equivalent. (b) Upon renewal of an installment loan, the lender may renew up to $1,500 of…

[§480J-9] Form of loan proceeds; endorsement of instrument; redemption of instrument. (a) An installment lender may pay the proceeds from or otherwise fund an installment loan to the consumer in the form of a monetary instrument, prepaid debit card, Automated Clearing House trans…