Hawaii Division of Financial Institutions 2018 Renewal Checklist

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1 Hawaii Divisin f Financial Institutins 2018 Renewal Checklist Instructins Renewal requests must be submitted thrugh by the date specified by yur state regulatr(s). Click here t review all renewal deadlines, requirements and fees. Review the Renewal Checklist t determine any dcumentatin required by the state utside f. All requirements, as well as the cmpleted 2018 Renewal Checklist, must be submitted t the agency within five business days f the electrnic renewal submissin. License Types Mrtgage Servicer License Mney Transmitter License Escrw Depsitry License Agency Cntact Infrmatin Cntact Hawaii Divisin f Financial Institutins licensing staff by phne at (808) r send yur questins via t dfi-nmls@dcca.hawaii.gv fr additinal assistance. Fr U.S. Pstal Service: Divisin f Financial Institutins Department f Cmmerce and Cnsumer Affairs P.O. Bx 2054 Hnlulu, HI Fr Overnight Delivery: Divisin f Financial Institutins Department f Cmmerce and Cnsumer Affairs King Kalakaua Building 335 Merchant Street, Rm. 221 Hnlulu, HI THE LICENSEE IS FULLY RESPONSIBLE F MEETING ALL REQUIREMENTS OF THE AGENCY FROM WHICH THE LICENSE F WHICH THEY ARE REQUESTING LICENSE RENEWAL. THE AGENCY-SPECIFIC REQUIREMENTS CONTAINED HEREIN ARE F GUIDANCE ONLY TO FACILITATE RENEWAL THROUGH THE. SHOULD YOU HAVE QUESTIONS, PLEASE CONSULT LEGAL COUNSEL. Page 1 f 9

2 ID Number Legal Name f Mrtgage Servicer Hawaii Mrtgage Servicer License Cmplete Renewal Requirement Items Submitted via Ttal Renewal csts: 700 which includes the prcessing fee f 100. Fees cllected thrugh the ARE NOT REFUNDABLE. HI Mrtgage Servicer Renewal Frm: Cmplete the HI Mrtgage Servicer Renewal Frm. This frm includes the fllwing majr sectins. All sectins shuld be cmpleted. Please nte, this pdf frm is fillable. 1. Renewal Statement: File a reprt with each yearly Renewal Statement in a frm and frmat acceptable t the Cmmissiner detailing the servicer's activities in this State, including: (A) The number f mrtgage lans the servicer is servicing; (B) The type and characteristics f lans serviced in this State; (C) The number f serviced lans in default, alng with a breakdwn f thirty-, sixty-, and ninety-day delinquencies; (D) Infrmatin n lss mitigatin activities, including details n wrkut arrangements undertaken; (E) Infrmatin n freclsures cmmenced in this State. (F) Cst and Fees; current schedule f the range f csts and fees that Applicant charges brrwers fr its servicing-related activities t under the Business Plan ptin. Yu are required t use DFI s Renewal Statement frm, which starts n page 4 f the HI Mrtgage Servicer Renewal Frm. DFI will nt accept the renewal statement in any ther frm. 2. Csts and Fees: Use f DFI s Cst and Fees frm, which starts n page 9 f the HI Mrtgage Servicer Renewal Frm, is required. Als, if using a sub-servicer, yu are required t prvide a frm fr each subservicer s Cst and Fees (please identify the sub-servicer). 3. List f Services Prvided t Related Cmpanies: Use f DFI s List f Services Prvided t Related Cmpanies frm, which starts n page 10 f the HI Mrtgage Servicer Renewal Frm, is required. Yu are required t include a descriptin f all services that the licensee prvides t thse listed. at dfinmls@dcca.hawaii.gv. Page 2 f 9

3 Cmplete Renewal Requirement Items Submitted via Surety Bnd: *DO NOT uplad r submit a cntinuatin certificate. Befre a mrtgage servicer's license renewal is apprved, the applicant r licensee shall file with the Cmmissiner a surety bnd written by a surety authrized t write surety bnds in this State, cvering the applicant r licensee in a penal sum f 100,000. N mrtgage servicer licensee shall act as a mrtgage servicer in this State withut maintaining the surety bnd as required by Sectin 454M-4, HRS. The surety bnd shall be: (1) In a frm apprved by the attrney general f this State; and (2) Cnditined upn the mrtgage servicer licensee faithfully perfrming any and all written agreements r cmmitments with r fr the benefit f brrwers and mrtgagees, truly and faithfully accunting fr all funds received frm a brrwer r mrtgagee in the persn's capacity as a mrtgage servicer, and cnducting the mrtgage business cnsistent with the prvisins f Chapter 454M, HRS, t perfrm any written agreements r cmmitments. Sectin 454M-4(j), HRS Please review and check the apprpriate bx belw: Cnfirm that the apprpriate riginal bnd r security device and pwer f attrney already are n file with DFI with cpies upladed t ; r Uplad a cpy f the apprpriate bnd r security device, with the accmpanying pwer f attrney, t and send the riginals t DFI. Fr surety bnd dcuments, Include the plicy number in the cmment field. Mail t HI-DFI AND Uplad in : under Surety Bnd in the Dcument Uplads sectin f the Cmpany Frm (MU1). Updated 9/11/2017 Page 3 f 9

4 ID Number Legal Name f Mney Transmitter Hawaii Mney Transmitter License Cmplete Renewal Requirement Items Submitted via Annual License Fee and Bnd r Other Security Device Requirements: The annual license fee and bnd r ther security device requirements are determined based n the licensee s annualized mney transmissins calculated accrding t the instructins belw. With the exceptin f the license fee, fees cllected thrugh the ARE NOT REFUNDABLE. D nt pay yur mney transmitter renewal fee (annual license fee) until yu receive an invice thrugh. Audited Financial Statements: Uplad t a cpy f licensee s mst recent audited annual financial statements (within 1 year f filing the Renewal and Annual Reprt), including: Balance sheet; Statement f incme r lss; Statement f changes in wnership equity; Statement f cash flws; and Ntes t financial statements. Nte that the requirement fr submitting audited financial statements cannt be waived. If licensee is a whlly-wned subsidiary f anther crpratin, licensee may submit the parent crpratin s cnslidated audited annual financial statements in lieu f licensee s audited financial statements. Authrized Delegates (Agents) and Lcatins: Use the Unifrm Authrized Agent Reprting (UAAR) functinality t uplad a list f authrized delegates wh are authrized t cnduct mney transmissin business in the state f Hawaii n the licensee s behalf int. Authrized delegate reprting must be cmpleted thrugh the UAAR, even if there are n changes t reprt. In additin t updating this infrmatin at renewal, update this infrmatin quarterly. Fr mre infrmatin, cnsult the UAAR sectin f the Resurce Center. N authrized delegates Registratin f Licensee s Hawaii Branches: The Licensee must register n each cmpany-wned lcatin (branch) in Hawaii where Licensee is cnducting business regulated under Chapter 489D, HRS. (D nt include the authrized delegate lcatins listed abve). Page 4 f 9

5 Cmplete Renewal Requirement Items Submitted via Descriptin f Licensee s Hawaii Branches: Prvide a list f the Hawaii lcatins where Licensee is cnducting business regulated under Chapter 489D, HRS (D nt include the authrized delegate lcatins listed abve): Fr each lcatin, prvide the name the licensee uses t identify the lcatin ( Office Name ) and the exact street address including suite number. N Hawaii branches Recent Financial Infrmatin and Calculatin f Annualized Mney Transmissins: Send the fllwing infrmatin, t the address listed abve r via at dfi-nmls@dcca.hawaii.gv, fr the mst recent quarter fr which data is available prir t the date f filing this Renewal and Annual Reprt, but in n event mre than 120 days prir t the renewal date: Payment instruments - Hawaii nly, Mney transmissin - Hawaii nly, Ttal utstanding payment instruments and mney transmissin in the U.S., and Permissible investments must be fr the same quarter. Quarter Ended: Payment instruments Hawaii nly Number f payment instruments (e.g. electrnic r written check, draft, mney rder, traveler s check) sld r issued by Licensee in Hawaii during this quarter: Dllar amunt f thse payment instruments: Dllar amunt f thse payment instruments still utstanding at the end f this quarter: Mney transmissin Hawaii nly Number f mney transmissin rders (electrnic r written instructin r rder fr the transmissin r payment f mney by any and all means including wire, facsimile, stred value card, r electrnic transfer) received fr transmissin by Licensee in Hawaii during this quarter: Dllar amunt f mney r mnetary value received fr thse mney transmissin rders: Dllar amunt f mney r mnetary value f thse mney transmissin rders still utstanding (transactin has nt been cmpleted, payment has nt been transmitted, r stre valued has nt been used) at the end f this quarter: Ttal utstanding payment instruments and mney transmissin in the U.S. at the end f this quarter. Ttal dllar amunt f all utstanding payment instruments sld r issued and all utstanding mney transmissin rders received but nt yet cmpleted r transmitted by Licensee in the United States at the end f this quarter: at dfinmls@dcca.hawaii.gv. Mail t HI-DFI at dfinmls@dcca.hawaii.gv. Page 5 f 9

6 Cmplete Renewal Requirement Items Submitted via Permissible investments a. List f Licensee s permissible investments including ttal market value f each type as f the end f this quarter: Type f Permissible Investments Dllar Amunt Mail t HI-DFI at dfinmls@dcca.hawaii.gv. Cash Certificates f depsit r ther debt bligatins f a financial institutin, either dmestic r freign Bills f exchange r time drafts drawn n and accepted by a cmmercial bank, knwn as bankers acceptances, that are eligible fr purchase by member banks f the Federal Reserve System Any investment bearing a rating f ne f the three highest grades as defined by a natinally recgnized rganizatin that rates securities Investment securities that are bligatins f the United States, its agencies, r its instrumentalities, bligatins that are guaranteed fully as t principal and interest by the United States, r any bligatins f any state, municipality, r any plitical subdivisin theref Shares in a mney market mutual fund, interestbearing bills, ntes, r bnds, debentures r stck traded n any natinal securities exchange r n a natinal ver-the-cunter market, mutual funds primarily cmpsed f these securities, r a fund cmpsed f ne r mre permissible investments as set frth herein Any demand brrwing agreement r agreements made with a crpratin r a subsidiary f a crpratin whse capital stck is listed n a natinal exchange Receivables that are due t a licensee frm its authrized delegates pursuant t a cntract under Sectin 489D-21, Hawaii Revised Statutes ( HRS ), that are nt past due r dubtful f cllectin Any ther investments r security device apprved by the Cmmissiner. TOTAL PERMISSIBLE INVESTMENTS: Page 6 f 9

7 Cmplete Renewal Requirement Items Submitted via Annual License Fee: D nt pay yur mney transmitter renewal fee until yu receive an invice thrugh. Number f payment instruments reprted in (a) abve: Mail t HI-DFI at dfinmls@dcca.hawaii.gv. Number f mney transmissins reprted in (b) abve: Ttal number f payment instruments and mney transmissins Annualized mney transmissins Annual license fee: x4 3,000 if annualized mney transmissins are less than 5,000 5,000 if annualized mney transmissins are 5,000 r mre but less than 50,000 8,000 if annualized mney transmissins are 50,000 r mre but less than 100,000 16,000 if annualized mney transmissins are 100,000 r mre but less than 200,000 20,000 if annualized mney transmissins are 200,000 r mre Bnd r Other Security Device Check Only One Bx: Cnfirm that the apprpriate riginal bnd r security device and pwer f attrney already are n file with DFI with cpies upladed t ; r Uplad cpy f the apprpriate bnd r security device, with the accmpanying pwer f attrney t and send the riginals t DFI. *DO NOT uplad r submit a cntinuatin certificate Mail t HI-DFI at dfinmls@dcca.hawaii.gv. Page 7 f 9

8 Cmplete Renewal Requirement Items Submitted via Material Changes: Reprt any material changes t any f the infrmatin submitted by the licensee in its riginal applicatin that were nt previusly reprted t the Cmmissiner in any ther reprt required t be filed under Chapter 489D, HRS (see Sectin 489D-14, HRS). Prvide a detailed descriptin and any supprting dcuments t explain the material changes. Material changes include, but are nt limited t: Filings fr bankruptcy r rerganizatin; Material civil litigatin; Supervisry agreements, enfrcement actins, civil mney penalties, prhibitin r remval rders, r ther supervisry r administrative enfrcement actins pending, taken r impsed by any federal r state regulatry authrity r ther gvernmental entity as an individual and/r in assciatin with any mney transmissin business; Felny indictments r cnvictins f the licensee r any f its key sharehlders, principals, executive fficers, directrs, r fficers r managers in charge f the licensee s activities, related t mney transmissin activities; Changes in the type f mney transmissin activities being cnducted by the licensee; Changes in the executive fficers, directrs, senir management, r principals f the licensee; Change in the licensee s legal name, fictitius r assumed name, r trade name, if any, t be used in Hawaii; Change in cntrl (see Sectin 489D-4, HRS, fr definitin f cntrl ); and Change in the type f entity (crpratin, partnership, LLC, etc.). Mail t HI-DFI at dfinmls@dcca.hawaii.gv. All material changes have been reprted r filed thrugh Updated 9/12/2017 Page 8 f 9

9 ID Number Legal Name f Escrw Depsitry Hawaii Escrw Depsitry License Cmplete Renewal Requirement Items Submitted via Annual License Fee: The annual renewal f an escrw depsitry s license is 2,000, plus 100 fr each branch ffice. *D nt pay yur escrw depsitry renewal fee until yu receive an invice thrugh. Registratin f Licensee s Hawaii Branches: The Licensee must register n each cmpany-wned lcatin (branch) in Hawaii where Licensee is cnducting business regulated under Chapter 449, HRS. N Hawaii branch ffices Litigatin: List each litigatin and attach a detailed explanatin f each litigatin invlving the cmpany during the past 12 mnths, r pending litigatin cncerning Chapter 449, HRS. D nt send the cmplaint r answers t any litigatin. Nne Bnd: Uplad a signed cntinuatin certificate fr each bnd r insurance cverage frm the surety shwing bnd r insurance plicy number, type f bnd r insurance cverage, amunt (indicate any deductible amunt; if n deductible amunt, state NONE ), and cverage perid fr the required bnds and insurance. a) ESCROW DEPOSITY BOND f at least 100,000, n deductible amunt, and 60 days prir written ntice f cancellatin t the Cmmissiner. (Sectin 449-9, Hawaii Revised Statutes) b) FIDELITY BOND f at least 100,000, deductible amunt in excess f 10,000 per ccurrence requires the prir apprval f the Cmmissiner, and 60 days prir written ntice f cancellatin t the Cmmissiner upn all f Licensee s directrs, fficers, and emplyees wh have access t mney r negtiable securities r instruments in Licensee s pssessin r under Licensee s cntrl. (Sectin , Hawaii Revised Statutes) c) ERRS AND OMISSIONS INSURANCE f at least 250,000, deductible amunt in excess f 100,000 per ccurrence requires the prir apprval f the Cmmissiner, and 30 days prir written ntice f cancellatin t the Cmmissiner. (Sectin , Hawaii Revised Statutes) Updated 9/11/2017 Page 9 f 9 at dfinmls@dcca.hawaii.gv

Hawaii Division of Financial Institutions 2019 Renewal Checklist

Hawaii Division of Financial Institutions 2019 Renewal Checklist Hawaii Divisin f Financial Institutins 2019 Renewal Checklist Instructins Renewal requests must be submitted thrugh by the date specified by yur state regulatr(s). Click here t review all renewal deadlines,