HOUSE OF REPRESENTATIVES

H.B. NO.

752

TWENTY-EIGHTH LEGISLATURE, 2015

 

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. Chapter 480F, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"480F- Deposit advance products, prohibited. No check casher may offer a customer a deposit advance product."

SECTION 2. Section 480F-1, Hawaii Revised Statutes, is amended by adding a new definition to be appropriately inserted and to read as follows:

""Deposit advance product" means a small-dollar, short-term loan made by a check casher to a customer who has recurring direct deposits with the check casher, which is repaid from the proceeds of the customer's next direct deposit."

SECTION 3. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.

SECTION 4. New statutory material is underscored.

SECTION 5. This Act shall take effect upon its approval.

 

INTRODUCED BY:

_____________________________

 

 


 


 

Report Title:

Deposit Advance Products; Prohibition

 

Description:

Prohibits check cashers from offering deposit advance products to customers.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.