HI SB731

Reduces the maximum fee for payday loans (deferred check deposits) from 15% to 7% of the check's face amount under Hawaii Revised Statutes Section 480F-4(c).

A $100 payday loan for 14 days at the new 7% fee would equate to an annual percentage rate (APR) of approximately 196%, and approximately 86% for a 32-day term.

Maintains existing deferred deposit limits: maximum check face amount of $600 and maximum deferral period of 32 days.

Applies to all deferred deposit agreements entered into after the bill's effective date.

Takes effect upon approval.