HI HB380

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

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

Maintains existing limits that the check face amount cannot exceed $600 and the deferral period cannot exceed 32 days.

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

Takes effect upon approval.