30th Legislature, 2019
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Session convene times for Thursday, February 27, 2020:
Senate: 11:30 a.m. | House of Representatives: 12:00 p.m.
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SB2587       (?)


Measure Title: RELATING TO CONSUMER PROTECTION.
Report Title: Payday Lending; Small Dollar Loans; Small Dollar Lenders; Licensure; Requirements; Appropriation; Check Cashers; Registration; Voluntary Payment Plans; Notices ($)
Description: Transitions from lump sum deferred deposit transactions to installment-based small dollar loan transactions. 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 division of financial institutions of the department of commerce and consumer affairs to conduct an analysis of the regulation of payday lenders and deferred deposit agreements in the State. Effective July 1, 2021.
Companion:  HB1883
Package: None
Current Referral: CPH, WAM
Introducer(s): BAKER, K. RHOADS, Nishihara, Ruderman

Sort by Date Status Text
1/17/2020SIntroduced.
1/21/2020SPassed First Reading.
1/23/2020SReferred to CPH, WAM.
1/30/2020SThe committee(s) on CPH has scheduled a public hearing on 02-06-20 9:30AM in conference room 229.
2/6/2020SThe 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.
2/13/2020SReported from CPH (Stand. Com. Rep. No. 2608) with recommendation of passage on Second Reading and referral to WAM.
2/13/2020SReport adopted; Passed Second Reading and referred to WAM.
2/18/2020SThe committee(s) on WAM will hold a public decision making on 02-20-20 1:00PM in conference room 211.
2/20/2020SThe 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.

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

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SB2587






CommRoomDate/TimeNotice 
CPH 229 2/06/2020 9:30 AM View
WAM 211 2/20/2020 1:00 PM View