HOUSE OF REPRESENTATIVES

H.C.R. NO.

133

TWENTY-EIGHTH LEGISLATURE, 2015

 

STATE OF HAWAII

 

 

 

 

 

HOUSE CONCURRENT

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, the Senate concurring, 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 the Legislature 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 Concurrent Resolution be transmitted to the Auditor and the Director of Commerce and Consumer Affairs.

 

 

 

 

OFFERED BY:

_____________________________

 

 

Report Title: 

Check Cashing and Deferred Deposit Agreements