Preheat oven to 350 degrees. Line cookie sheets with parchment paper.
Spread a layer of coconut on the lined cookie sheet and bake for 5-7 minutes until golden brown, watching to be sure it doesn't burn; set aside.
In a small mixing bowl, combine 1/2 cup toasted coconut, pecans and 1 cup of sweetened condensed milk until blended; set aside.
In a large mixing bowl, mix dry cake mix, canola oil, sour cream, egg and remaining sweetened condensed milk until blended. Pour batter into a greased 9 x 13 inch pan. Spread coconut mixture evenly over the batter. Sprinkle 1/2 cup semisweet chocolate chips on top.
Bake for 25-30 minutes, or until a toothpick comes out clean. Remove cake from the oven and sprinkle on remaining coconut. Microwave remaining chocolate chips, uncovered on high for 45-60 seconds, or until almost melted. Stir until smooth and drizzle on top.