HOUSE OF REPRESENTATIVES |
H.R. NO. |
81 |
TWENTY-EIGHTH LEGISLATURE, 2015 |
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STATE OF HAWAII |
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HOUSE RESOLUTION
REQUESTING THE AUDITOR TO CONDUCT A FOLLOW-UP ANALYSIS OF CHECK CASHING AND DEFERRED DEPOSIT AGREEMENTS.
WHEREAS, the Auditor issued Report No. 05-11, Sunrise Analysis: Check Cashing and Deferred Deposit Agreements (Payday Loans); and
WHEREAS, in Report No. 05-11, the Auditor recommended several legislative changes, including instituting a mandatory registration program for all payday lenders with the Department of Commerce and Consumer Affairs; and
WHEREAS, the recommendations in Report No. 05-11 have not yet been adopted by the Legislature; and
WHEREAS, the Legislature would benefit from a follow-up analysis of check cashing and deferred deposit agreements; now, therefore,
BE IT RESOLVED by the House of Representatives of the Twenty-eighth Legislature of the State of Hawaii, Regular Session of 2015, that the Auditor is requested to conduct a follow-up analysis to the Sunrise Analysis: Check Cashing and Deferred Deposit Agreements (Payday Loans), Report No. 05-11; and
BE IT FURTHER RESOLVED that the Auditor is requested to assess and update the status of the recommendation in Report No. 05-11, and to include:
(1) An analysis comparing regulation of payday loans under chapter 480F, Hawaii Revised Statutes, with regulations in other states;
(2) An analysis of the economic impact on consumers and payday loan providers of regulations in other jurisdictions that have imposed a cap on fees equal to an annual percentage rate of thirty-six percent; and
(3) An analysis of the availability and cost of alternative credit products to payday loans; and
BE IT FURTHER RESOLVED that the Auditor is requested to report the Auditor's findings and recommendations, including any proposed legislation, to this body not later than twenty days prior to the convening of the Regular Session of 2016; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Auditor and the Director of Commerce and Consumer Affairs.
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OFFERED BY: |
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Check Cashing and Deferred Deposit Agreements