HI HCR209

Authorizes the formation of a Payday Loans Task Force to study the need for additional regulations on payday loans without making them economically unfeasible for providers.

Task Force composition includes 9 members: Senate and House committee chairs, Director of Commerce and Consumer Affairs, and representatives from non-profit organizations and the payday loan industry (5 voting members, 2 non-voting members).

Task Force must submit findings and recommendations, including any proposed legislation, to the Legislature no later than 20 days before the 2016 Regular Session convenes.

Report must analyze whether Hawaii consumers are currently being harmed by payday loans and recommend revisions to Chapter 480F, Hawaii Revised Statutes, that address specific consumer harms without eliminating the industry.

Certified copies to be transmitted to the Director of Commerce and Consumer Affairs, Commissioner of Financial Institutions, and Executive Director of the Office of Consumer Protection.