BAKER
Primary
Establishes regulatory framework for small dollar lenders in article 9 of chapter 412, HRS. Specifies various consumer protection requirements for small dollar loans. Beginning 1/1/2022, 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 Auditor to conduct an analysis of the regulation of payday lenders and deferred deposit agreements in the State. Effective 7/1/2050. (HD1)
This measure has been deleted from the meeting scheduled on Tuesday 03-17-20 2:00PM in conference room 329.
Reported from IAC (Stand. Com. Rep. No. 1089-20) as amended in HD 1, recommending passage on Second Reading and referral to CPC.
Bill scheduled to be heard by CPC on Tuesday, 03-17-20 2:00PM in House conference room 329.
Passed Second Reading as amended in HD 1 and referred to the committee(s) on CPC with none voting aye with reservations; none voting no (0) and Representative(s) Gates, McDermott, Thielen excused (3).
The committees on IAC recommend that the measure be PASSED, WITH AMENDMENTS. The votes were as follows: 5 Ayes: Representative(s) Ohno, D. Kobayashi, Kong, Nishimoto, Takayama; Ayes with reservations: none; Noes: none; and 2 Excused: Representative(s) Gates, McDermott.
Bill scheduled to be heard by IAC on Thursday, 03-12-20 9:30AM in House conference room 430.
Referred to IAC, CPC, FIN, referral sheet 36
Pass First Reading
Received from Senate (Sen. Com. No. 289) in amended form (SD 1).
Report adopted; Passed Third Reading, as amended (SD 1). Ayes, 25; Aye(s) with reservations: none . Noes, 0 (none). Excused, 0 (none). Transmitted to House.
48 Hrs. Notice 03-03-20.
Reported from WAM (Stand. Com. Rep. No. 3300) with recommendation of passage on Third Reading, as amended (SD 1).
The committee(s) on WAM recommend(s) that the measure be PASSED, WITH AMENDMENTS. The votes in WAM were as follows: 9 Aye(s): Senator(s) Dela Cruz, Keith-Agaran, Harimoto, Kanuha, Kidani, Moriwaki, Riviere, Shimabukuro, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 4 Excused: Senator(s) English, Inouye, K. Kahele, Taniguchi.
The committee(s) on WAM will hold a public decision making on 02-20-20 1:00PM in conference room 211.
Report adopted; Passed Second Reading and referred to WAM.
Reported from CPH (Stand. Com. Rep. No. 2608) with recommendation of passage on Second Reading and referral to WAM.
The committee(s) on CPH recommend(s) that the measure be PASSED, UNAMENDED. The votes in CPH were as follows: 7 Aye(s): Senator(s) Baker, S. Chang, Nishihara, Ruderman, L. Thielen, Wakai, Fevella; Aye(s) with reservations: none ; 0 No(es): none; and 0 Excused: none.
The committee(s) on CPH has scheduled a public hearing on 02-06-20 9:30AM in conference room 229.
Passed First Reading.
Introduced.
| Bill Text Versions | Format |
|---|---|
| SB2587_SD1 | PDF HTML |
| SB2587_HD1 | PDF HTML |
| SB2587 | PDF HTML |
| Document | Format |
|---|---|
| Committee Report SB2587_HD1_HSCR1089-20 | PDF HTML |
| Committee Report SB2587_SD1_SSCR3300 | PDF HTML |
| Committee Report SB2587_SSCR2608 | PDF HTML |
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