HI HR124

Requests the Auditor conduct a follow-up analysis to the December 2005 Sunrise Analysis on check cashing and payday loans (Report No. 05-11), as the original recommendations have not been adopted by the Legislature.

Directs the Auditor to determine the number of storefront and internet companies operating under chapter 480F, Hawaii Revised Statutes, and collect data on consumer use, complaints, and impact of short-term lending.

Requires analysis of licensure and regulation advantages and disadvantages for short-term lenders and check cashers, including comparison of regulations in other states and their economic impact on consumers and fees.

Mandates review of payday lender complaints to the Department of Commerce and Consumer Affairs over the past ten years, plus analysis of short-term lending's role in Hawaii's underserved and unbanked credit markets.

Auditor must report findings, recommendations, and any proposed legislation to the Legislature no later than twenty days before the Regular Session of 2020.