Hawaii Revised Statutes 480J-14 – Notice on assignment or sale of contract
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Terms Used In Hawaii Revised Statutes 480J-14
- Contract: A legal written agreement that becomes binding when signed.
- Financial institution: means any bank, savings bank, savings and loan association, financial services loan company, or credit union doing business in the State whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund, or other similar or successor program of federal insurance. See Hawaii Revised Statutes 480J-1
- Installment loan: means a loan made pursuant to this chapter. See Hawaii Revised Statutes 480J-1
- Interest: means all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan or an application for a loan, however denominated. See Hawaii Revised Statutes 480J-1
- lender: means any person who is in the business of offering or making a consumer loan, who arranges a consumer loan for a third party, or who acts as an agent for a third party, regardless of whether the third party is exempt from licensure under this chapter or whether approval, acceptance, or ratification by the third party is necessary to create a legal obligation for the third party, through any method including mail, telephone, the Internet, or any electronic means. See Hawaii Revised Statutes 480J-1
- Licensee: means a person who is licensed or required to be licensed under this chapter. See Hawaii Revised Statutes 480J-1
“INSTALLMENT LOAN
No licensee shall pledge, negotiate, sell, or assign an installment loan, except to another licensee or to a bank, savings bank, trust company, financial services loan company, or credit union organized under the laws of Hawaii or the laws of the United States.”