HRS §412:9-500
What a nondepository loan company cannot do with deposits
This section says a nondepository financial services loan company cannot take deposits or similar accounts from the public, and cannot borrow money from the public by selling notes or bonds. It can borrow from banks and other big lenders, and from up to 25 people connected to those institutions.
borrowersfinancial institutions
The statute, as written — Prohibitions
Except as otherwise expressly authorized by this chapter or other law, a nondepository financial services loan company shall not solicit, accept, or hold deposits, investment certificates, thrift certificates, or other accounts or instruments identical or similar to a deposit account, nor shall it borrow money in the form of, or issue, promissory notes, debentures, bonds, or other obligations to the public; provided that a nondepository financial services loan company may borrow funds from, and issue its notes, debentures, bonds, or other obligations to financial institutions and other institutional lenders and not more than twenty-five institution-affiliated parties at any one time.
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