Hawaii Division of Financial Institutions 2021 Renewal ...

[Pages:9]

Hawaii Division of Financial Institutions 2021 Renewal Checklist

Instructions Renewal requests must be submitted through NMLS by the date specified by your state regulator(s). Click here to review all renewal deadlines, requirements and fees. Review the Renewal Checklist to determine if any documentation is required by the state outside of NMLS. All requirements, as well as the completed 2021 Renewal Checklist, must be submitted to the agency by email within five business days of the electronic renewal submission. License Types

Mortgage Servicer License Money Transmitter License Escrow Depository License Agency Contact Information Send your renewal documents and any questions via email to dfi-nmls@dcca.. NOTE: Due to the COVID-19 pandemic and the associated State and County orders, Hawaii Division of Financial Institutions ("DFI") licensing staff has limited or no access to the office, office mail and telephone system. The preferred and most effective means of communication with DFI is by email to: dfi-nmls@dcca.. DO NOT call or email DFI to request status updates for your renewals. If your renewal request is deficient, a license item will be sent to you through NMLS. Once your renewal is approved, the status will be updated in NMLS.

THE LICENSEE IS FULLY RESPONSIBLE FOR MEETING ALL REQUIREMENTS OF THE AGENCY FROM WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE FOR GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE NMLS. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL.

Page 1 of 9

NMLS ID Number

Legal Name of Mortgage Servicer

Hawaii Mortgage Servicer License

Complete Renewal Requirement Items

Submitted via...

Total Renewal costs: $700 which includes the NMLS processing fee of $100. Fees collected through the NMLS ARE NOT REFUNDABLE.

NMLS

HI Mortgage Servicer Renewal Form: Complete the HI Mortgage Servicer Renewal Form. This multi-page form includes three sections, detailed below. All sections should be completed. Please note, this pdf form is fillable.

Email at dfinmls@dcca..

1. Renewal Statement: Use of DFI's Renewal Statement form is required. DFI will not accept the renewal statement in any other form.

This form details the servicer's activities in this State, including:

(A) The number of mortgage loans the servicer is servicing;

(B) The type and characteristics of loans serviced in this State;

(C) The number of serviced loans in default, along with a breakdown of

thirty-, sixty-, and ninety-day delinquencies;

(D) Information on loss mitigation activities, including details on

workout arrangements undertaken;

(E) Information on foreclosures commenced in this State.

2. Costs and Fees: Use of DFI's "Cost and Fees" form is required. Also, if using a sub-servicer, you are required to provide a form for each subservicer's Cost and Fees (please identify the sub-servicer).

3. List of Services Provided to Related Companies: Use of DFI's "List of Services Provided to Related Companies" form is required. You are required to include a description of all services that the licensee provides to those related companies listed.

Surety Bond: *DO NOT upload or submit a continuation certificate.

Email at dfinmls@dcca..

Please provide the following information:

1. The surety bond company name: ____________________________

2. The bond number: ________________________________________

Updated 9/10/2020

Page 2 of 9

NMLS ID Number

Legal Name of Money Transmitter

Hawaii Money Transmitter License

Complete Renewal Requirement Items

Submitted via...

Annual License Fee and Bond or Other Security Device Requirements: The

NMLS

annual license fee and bond or other security device requirements are

determined based on the licensee's "annualized money transmissions"

calculated according to the instructions below. 1. You must pay the NMLS processing fee when you submit your renewal

request.

2. Do not pay your money transmitter renewal fee (annual license fee) until you receive an invoice through NMLS.

Audited Financial Statements: Upload to NMLS a copy of licensee's most

recent audited annual financial statements.

NMLS

Authorized Delegates (Agents) and Locations: Check the appropriate box:

The Licensee's current list of Authorized Delegates was uploaded to NMLS.

No authorized delegates.

NMLS

Description of Licensee's Hawaii Branches: Provide a list of the Hawaii locations where Licensee is conducting business regulated under Chapter 489D, HRS, including company owned and operated kiosks or terminals through which the licensee's services are provided (Do not include the authorized delegate locations reported above):

NMLS and email at dfinmls@dcca..

For each location, provide the name the Licensee uses to identify the

location ("Office Name") and the exact street address including suite number.

A separate renewal request is required through NMLS for each branch

location listed.

No Hawaii branches

Page 3 of 9

Hawaii branch locations include ATMs:

Company owned ATM terminals used to provide its products/services are considered branch locations. If you own an ATM for those stated purposed in this State you must register it as branch location in NMLS.

If you have a kiosk or terminal in this State that is not already registered as a branch, please file a Branch Form (MU3) in NMLS for each terminal. Click here

to access the Money Transmitter Branch Registration New Application

Checklist.

A branch license has been requested through NMLS for each unregistered

terminal.

No new terminals to add

Page 4 of 9

Hawaii Money Transmitter License

Complete Renewal Requirement Items

Submitted via...

Recent Financial Information and Calculation of Annualized Money

Transmissions: Send the following information via email at dfi-

nmls@dcca., as of 9/30:

Email at dfinmls@dcca..

All data provided in this section (i.e., Payment instruments - Hawaii only;

Money transmission - Hawaii only; Total outstanding payment instruments and

money transmission in the U.S.; and Permissible investments) must be for the

same quarter.

Quarter Ended (date): _____________________

A. Payment instruments ? Hawaii only

o Number of payment instruments (e.g. electronic or written check, draft, money order, traveler's check) sold or issued by Licensee in Hawaii during this quarter: _____________________

o Dollar amount of those payment instruments: $_____________________

o Dollar amount of those payment instruments still outstanding at the end of this quarter: $_____________________

B. Money transmission ? Hawaii only

o Number of money transmission orders (electronic or written instruction or order for the transmission or payment of money by any and all means including wire, facsimile, stored value card, or electronic transfer) received for transmission by Licensee in Hawaii during this quarter: ________________

o Dollar amount of money or monetary value received for those money transmission orders: $_____________________

o Dollar amount of money or monetary value of those money transmission orders still outstanding (transaction has not been completed, payment has not been transmitted, or store valued has not been used) at the end of this quarter: $____________________

C. Total outstanding payment instruments and money transmission in the U.S. at the end of this quarter. Total dollar amount of all outstanding payment instruments sold or issued and all outstanding money transmission orders received but not yet completed or transmitted by Licensee in the United States at the end of this quarter: $_____________________

Complete Renewal Requirement Items (Hawaii Money Transmitter License)

Page 5 of 9

Submitted via...

D. Permissible investments

List of Licensee's permissible investments including total market value of each type as of the end of this quarter:

Type of Permissible Investments

Dollar Amount

Cash

$

Certificates of deposit or other debt obligations of a $ financial institution, either domestic or foreign

Bills of exchange or time drafts drawn on and

$

accepted by a commercial bank, known as bankers'

acceptances, that are eligible for purchase by

member banks of the Federal Reserve System

Any investment bearing a rating of one of the three $ highest grades as defined by a nationally recognized organization that rates securities

Investment securities that are obligations of the

$

United States, its agencies, or its instrumentalities,

obligations that are guaranteed fully as to principal

and interest by the United States, or any obligations

of any state, municipality, or any political subdivision

thereof

Shares in a money market mutual fund, interest-

$

bearing bills, notes, or bonds, debentures or stock

traded on any national securities exchange or on a

national over-the-counter market, mutual funds

primarily composed of these securities, or a fund

composed of one or more permissible investments as

set forth herein

Any demand borrowing agreement or agreements

$

made with a corporation or a subsidiary of a

corporation whose capital stock is listed on a national

exchange

Receivables that are due to a licensee from its

$

authorized delegates pursuant to a contract under

Section 489D-21, Hawaii Revised Statutes ("HRS"),

that are not past due or doubtful of collection

Any other investments or security device approved by $ the Commissioner.

TOTAL PERMISSIBLE INVESTMENTS:

$

Hawaii Money Transmitter License

Page 6 of 9

Email at dfinmls@dcca..

Complete Renewal Requirement Items

Submitted via...

Annual License Fee: Do not pay your money transmitter renewal fee (annual Email at dfi-

license fee) until you receive an invoice through NMLS.

nmls@dcca..

Number of payment instruments reported in A above:

________________

Number of money transmissions reported in B above:

________________

Total number of payment instruments and money transmissions:

________________

Annualized money transmissions

_______x4_______ ________________

Annual license fee:

$ 3,000 if annualized money transmissions are less than 5,000 $ 5,000 if annualized money transmissions are 5,000 or more but less

than 50,000

$ 8,000 if annualized money transmissions are 50,000 or more but less

than 100,000

$16,000 if annualized money transmissions are 100,000 or more but

less than 200,000

$20,000 if annualized money transmissions are 200,000 or more

Surety Bond or Other Security Device

*DO NOT upload or submit a continuation certificate.

Please provide the following information:

Email at dfinmls@dcca..

1. The surety bond company name: ____________________________

2. The bond number: ________________________________________

Material Changes: Report any material changes to any of the information submitted by the Licensee in its original application that were not previously reported to the Commissioner in any other report required to

Email at dfinmls@dcca..

be filed under Chapter 489D, HRS (see Section 489D-14, HRS). Provide a

detailed description and any supporting documents to explain the material changes.

All material changes have been reported or filed through NMLS

Updated 8/27/2019

Page 7 of 9

NMLS ID Number

Legal Name of Escrow Depository

Hawaii Escrow Depository License

Complete Renewal Requirement Items

Submitted via...

Annual License Fee: The annual renewal of an escrow depository's license is $2,000, plus $100 for each branch office.

NMLS

1. You must pay the NMLS processing fee when you submit your renewal request.

2. Do not pay your escrow depository renewal fee until you receive an invoice through NMLS.

Registration of Licensee's Hawaii Branches: The Licensee must register on

NMLS

NMLS each company-owned location (branch) in Hawaii where Licensee is conducting business regulated under Chapter 449, HRS.

No Hawaii branch offices

Litigation: List each litigation and attach a detailed explanation of each

litigation involving the company during the past 12 months, or pending litigation concerning Chapter 449, HRS.

None

Email at dfinmls@dcca.

Bonds and Insurance: Upload a signed continuation certificate for each bond or insurance coverage from the surety or insurer showing bond or insurance policy number, type of bond or insurance coverage, amount, and coverage period for the required bonds and insurance.

NMLS

a) ESCROW DEPOSITORY BOND of at least $100,000, no deductible amount, and 60 days' prior written notice of cancellation to the Commissioner. (Section 449-9, Hawaii Revised Statutes)

b) FIDELITY BOND of at least $100,000, deductible amount in excess of

$10,000 per occurrence requires the prior approval of the

Commissioner, and 60 days' prior written notice of cancellation to the Commissioner upon all of Licensee's directors, officers, and

employees who have access to money or negotiable securities or

instruments in Licensee's possession or under Licensee's control.

(Section 449-11, Hawaii Revised Statutes)

c) ERRORS AND OMISSIONS INSURANCE of at least $250,000, deductible amount in excess of $100,000 per occurrence requires the prior approval of the Commissioner, and 30 days' prior written notice of cancellation to the Commissioner. (Section 449-12, Hawaii Revised Statutes)

Page 8 of 9

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download