SB 1355

  • Hawaii Senate Bill
  • 2021 Regular Session
  • Introduced in Senate Jan 27, 2021
  • Senate
  • House
  • Governor

Relating To Consumer Protection.

Abstract

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.

Bill Sponsors (6)

Votes


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Actions


Feb 01, 2021

Senate

Referred to CPN, WAM.

  • Referral-Committee
Commerce and Consumer Protection Ways and Means

Jan 29, 2021

Senate

Passed First Reading.

Jan 27, 2021

Senate

Introduced.

Bill Text

Bill Text Versions Format
SB1355 PDF HTML

Related Documents

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Sources

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