HI HR144

Authorizes formation of a Payday Loans Task Force to study the need for additional regulations on payday loans currently governed by chapter 480F, Hawaii Revised Statutes.

Task Force composition includes voting members from Senate Commerce Committee, House Consumer Protection Committee, Department of Commerce and Consumer Affairs, two non-profit organization representatives, and two payday loan industry representatives; non-voting members include the Commissioner of Financial Institutions and Executive Director of the Office of Consumer Protection.

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

Report must analyze whether Hawaii consumers are currently being harmed by payday loans and recommend any revisions to Chapter 480F that address identified harms without making payday loans economically unfeasible for providers.

References 2005 Auditor's Report finding few consumer complaints in Hawaii but recommending legislative changes including mandatory registration for payday lenders with the Department of Commerce and Consumer Affairs.