29th Legislature, 2018
View Legislative Calendar
The Senate and House of Representatives
have adjourned Sine Die for 2018.
Find Your Legislator  

SB2028       (?)

Report Title: Check Cashing; Deferred Deposit Agreements; Fees; Annual Percentage Rate; Right to Rescind; Installment Loan Plan; Collection Practices
Description: Specifies a customer has the right to rescind a deferred deposit by returning the principal amount used to fund the deferred deposit within a specified time frame. Permits customers to convert a deferred deposit into an installment loan plan in certain circumstances and specifies requirements for the installment loan plan. Protects against harmful collection practices. Defines annual percentage rate. Requires a check casher to post a notice informing customers that additional options may be available for safe, regulated, lower-cost, small dollar loans. Requires a check casher to provide a written agreement to a customer that clearly discloses specific information relating to the cost and fees associated with the deferred deposit, among other things. Caps the annual percentage rate at thirty-six per cent for deferred deposit of a personal check. Permits prepayment of deferred deposit agreements with no additional fees.
Package: None
Current Referral: CPH
Introducer(s): GREEN, K. RHOADS, S. Chang, Dela Cruz, Ihara, Keith-Agaran, Kidani, Shimabukuro, L. Thielen

Sort by Date Status Text
1/16/2018SPending Introduction.
1/17/2018SIntroduced and passed First Reading.
1/19/2018SReferred to CPH.

S = Senate | H = House | D = Data Systems | $ = Appropriation measure | ConAm = Constitutional Amendment

Some of the above items require Adobe Acrobat Reader. Please visit Adobe's download page for detailed instructions.


No other committee reports available at this time. You may search in our Document Directories if you believe this message is in error. The link is on the home page under Search.

No testimony available at this time.

No hearings scheduled