29th Legislature, 2018
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SB2028       (?)


Measure Title: RELATING TO CHECK CASHING.
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.
Companion:
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

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SB2028




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