Bill Text: HI SB2112 | 2024 | Regular Session | Amended
Bill Title: Relating To Installment Loans.
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Engrossed - Dead) 2024-03-15 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Cochran, Ganaden, Gates, Martinez, Quinlan excused (5). [SB2112 Detail]
Download: Hawaii-2024-SB2112-Amended.html
THE SENATE |
S.B. NO. |
2112 |
THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INSTALLMENT LOANS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 480J-1, Hawaii Revised Statutes, is amended by amending the definition of "installment lender" or "lender" to read as follows:
""Installment
lender" or "lender" means any person not exempt under section
480J-32 who is in the business of offering or making [a consumer loan,]
installment loans, who arranges [a consumer loan] installment
loans for a third party[,] required to be licensed by this
chapter, or who acts as an agent for a third party[, regardless of
whether the third party is exempt from licensure under this chapter or whether
approval, acceptance, or ratification by the third party is necessary to create
a legal obligation for the third party,] required to be licensed by this
chapter with respect to the third party's offering, making, or arranging of
installment loans, through any method, including mail, telephone,
the Internet, or any electronic means."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
Report Title:
Installment Lender; Division of Financial Institutions; Interest Rates
Description:
Amends the definition of "installment lender" to clarify that the law is not intended to eliminate the ability of lenders to make low interest rate loans under the interest and usury law. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.