HRS §412:9-101
License needed to operate as a financial services loan company
This section says that, except when federal law or this chapter allows it, a person cannot do business as a financial services loan company without a license. This includes making high-interest loans, using the company name, or using other powers only licensed companies have. The company must be a corporation in Hawaii unless it is a nondepository company.
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The statute, as written — Necessity for financial services loan company license
Except as expressly permitted by federal law or this chapter, no person shall engage in any activity for which a license to operate as a financial services loan company is required by this chapter, including without limitation, making loans and extensions of credit where the interest charged, contracted for, or received is in excess of rates permitted by law other than this article, the use of the term "financial services loan company", or the exercise of such other powers or privileges restricted to financial services loan companies under applicable law unless it is a corporation incorporated in this State and has such a license; provided that a nondepository financial services loan company shall not be required to be incorporated in this State.
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