HI HB81

Defines "annual percentage rate" as determined under the federal Truth in Lending Act, with all applicable finance charges included in the calculation.

Extends minimum deferred deposit term from 32 days to 6 months with no maximum term specified in statute or rule.

Caps interest rate for deferred deposits at 45% annual percentage rate, with prorated refunds required if the customer prepays before maturity.

Maintains maximum check face amount of $600 and allows fees up to 15% of the check amount, with no penalty permitted for early prepayment.

Requires written agreements signed by both customer and check casher that disclose total fees in both currency and annual percentage rate terms.