Informing the Legislature that on May 29, 2025, the Governor signed the following bill into law: SB1367 SD1 HD1 CD1 (ACT 116).

This bill, SB1367 (Act 116), regulates small installment loans in Hawaii by setting clear limits and requirements. It caps loan amounts at $1,500, limits total charges to 50% of the principal, and establishes tiered monthly maintenance fees ($25-$35 based on loan size). Borrowers must receive written agreements, repayment terms must be at least two months for loans under $500 or four months for larger loans, and lenders cannot secure repayment with liens on property. The law also prohibits fees for early repayment and allows debit card payments with a $1 convenience fee. It directly affects installment lenders and borrowers seeking small short-term loans.