HI HB2609

Authorizes short-term loans in Hawaii with principal amounts not exceeding $2,000 and maximum duration of 30 months.

Monthly loan payments cannot exceed 8% of the borrower's verified gross monthly income.

Limits interest rates to 36% annually and allows monthly maintenance fees up to the lesser of $6 per $100 of original loan amount or $30, with exemptions for active-duty military and dependents.

Caps total fees and charges at 50% of the originally contracted loan amount and prohibits lenders from making multiple loans to the same borrower simultaneously.

Requires short-term lenders to register with the Commissioner of Financial Institutions, maintain detailed records, provide written loan contracts with specific disclosures, and allows borrowers to rescind loans within one business day.

Sunsets on June 30, 2020, with Commissioner to submit findings and recommendations to the legislature by 2021 regarding short-term loan availability and whether to repeal existing payday loan authorization.