Report Title:

Check Cashing

Description:

Allows a check casher to enter into multiple agreements for deferred deposits with a customer; provided that the combined multiple agreements do not exceed a total of $600.

THE SENATE

S.B. NO.

2393

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to check cashing.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 480F-4, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

"(d) A check casher [shall not] may enter into [an agreement] multiple agreements with a customer for deferred [deposit with a customer] deposits; provided that the combined multiple agreements shall not exceed a total of $600 during the period of time that an earlier agreement for a deferred deposit for the same customer is in effect. A deferred deposit transaction shall not be repaid, refinanced, or consolidated by or with the proceeds of another deferred deposit transaction."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________