SB 2587 Hawaii Senate · 2020 Regular Session

RELATING TO CONSUMER PROTECTION.

Summary

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)

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2020

Committee Review

Mar 2020

Senate Passage

Mar 2020

House Passage

Governor

Introduced Jan 17, 2020 Last action Mar 16, 2020

Floor votes

How they voted

This bill passed the Senate by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 13, 2020

Committee

Reported from IAC (Stand. Com. Rep. No. 1089-20) as amended in HD 1, recommending passage on Second Reading and referral to CPC.

lower

Mar 12, 2020

Lower · Passed

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.

lower

Mar 9, 2020

Committee

Referred to IAC, CPC, FIN, referral sheet 36

lower

Mar 3, 2020

Introduced

Received from Senate (Sen. Com. No. 289) in amended form (SD 1).

lower

Mar 3, 2020

Upper · Passed

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.

upper

Feb 20, 2020

Upper · Passed

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.

upper

Feb 18, 2020

Upper · Passed

The committee(s) on WAM will hold a public decision making on 02-20-20 1:00PM in conference room 211.

upper

Feb 13, 2020

Committee

Report adopted; Passed Second Reading and referred to WAM.

upper

Feb 13, 2020

Committee

Reported from CPH (Stand. Com. Rep. No. 2608) with recommendation of passage on Second Reading and referral to WAM.

upper

Feb 6, 2020

Upper · Passed

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.

upper

Jan 30, 2020

Upper · Passed

The committee(s) on CPH has scheduled a public hearing on 02-06-20 9:30AM in conference room 229.

upper

Jan 23, 2020

Committee

Referred to CPH, WAM.

upper

Jan 17, 2020

Introduced

Introduced.

upper

2 primary · 0 co-sponsors