HOUSE OF REPRESENTATIVES	H.B. NO.	834
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.  Section 480F-4, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:

     "(b)  Each deferred deposit shall be made pursuant to a written agreement that has been signed by the customer and the check casher or an authorized representative of the check casher.  The written agreement shall contain a statement of the total amount of any fees charged for the deferred deposit, expressed both in United States currency and as an annual percentage rate[.]; provided that the agreement shall also state that all cumulative fees charged for deferred deposit transactions shall not exceed an annual percentage rate of 39 per cent.  The written agreement shall authorize the check casher to defer deposit of the personal check until a specific date not later than thirty-two days from the date the written agreement was signed.  The written agreement shall not permit the check casher to accept collateral."

     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  Statutory material to be repealed is bracketed and stricken.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:	_____________________________

 

 

Report Title:

Check Cashing; Deferred Deposits

 

Description:

Requires the written agreement for the deferred deposit of checks to also state that all cumulative fees charged for deferred deposit transactions shall not exceed an annual percentage rate of 39%.

 

 

 

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