HI SB1355 | 2022 | Regular Session
Note: Carry Over of previous SB1355
Status
Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on January 27 2021 - 25% progression, died in committee
Action: 2021-12-10 - Carried over to 2022 Regular Session.
Pending: Senate Commerce and Consumer Protection Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on January 27 2021 - 25% progression, died in committee
Action: 2021-12-10 - Carried over to 2022 Regular Session.
Pending: Senate Commerce and Consumer Protection Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Transitions from lump sum deferred deposit transactions to installment-based small dollar loan transactions. Specifies various consumer protection requirements for small dollar loans. Beginning 1/1/2023, requires licensure for small dollar lenders that offer small dollar loans to consumers. Specifies licensing requirements for small dollar lenders. Authorizes the division of financial institutions to appoint 2.0 FTE examiner positions, funded via the compliance resolution fund, to carry out the purposes of the small dollar installment loan program. Requires check cashers to be registered with DCCA and to offer a voluntary payment plan to customers under certain circumstances. Establishes the terms of voluntary payment plans. Clarifies that a customer may only have one outstanding deferred deposit transaction from any source. Amends notices to customers required of check cashers. Removes the exemption for persons engaged in the bona fide retail sale of goods or services. Requires the division of financial institutions of the DCCA to conduct an analysis of the regulation of payday lenders and deferred deposit agreements in the State. Effective 7/1/2022.
Title
Relating To Consumer Protection.
Sponsors
Sen. Glenn Wakai [D] | Sen. Rosalyn Baker [D] | Sen. Bennette Misalucha [D] | Sen. Michelle Kidani [D] |
Sen. Sharon Moriwaki [D] | Sen. Maile Shimabukuro [D] |
History
Date | Chamber | Action |
---|---|---|
2021-12-10 | Carried over to 2022 Regular Session. | |
2021-02-01 | Senate | Referred to CPN, WAM. |
2021-01-29 | Senate | Passed First Reading. |
2021-01-27 | Senate | Introduced. |
Same As/Similar To
Subjects
Appropriation ($)
Check Cashers
Licensure
Notices
Payday Lending
Registration
Requirements
Small Dollar Lenders
Small Dollar Loans
Voluntary Payment Plans
Check Cashers
Licensure
Notices
Payday Lending
Registration
Requirements
Small Dollar Lenders
Small Dollar Loans
Voluntary Payment Plans
Hawaii State Sources
Type | Source |
---|---|
Summary | https://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=SB&billnumber=1355&year=2022 |
Text | https://www.capitol.hawaii.gov/session2022/bills/SB1355_.HTM |