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HI HCR106
Concurrent Resolution
Status
3/11/2021
Primary Sponsor
Sam Kong
Click for details
AI Summary
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Request that financial institutions temporarily reduce interest rates on all commercial loans made to businesses with ten or fewer employees.
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Reduced interest rates should continue until the economy recovers from COVID-19 effects or for one year, whichever is longer.
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Approximately 125,000 small businesses in Hawaii collectively employ more than 250,000 individuals, with an estimated 70 percent having outstanding loans.
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Certified copies of the resolution to be transmitted to the Commissioner of Financial Institutions for distribution to all financial institutions regulated by the Division of Financial Institutions.
Legislative Description
Requesting Financial Institutions To Temporarily Reduce Interest Rates On Outstanding Loans That Have Been Made To Small Businesses To Assist Those Businesses In Recovering From The Effects Of The Coronavirus Disease 2019 Pandemic.
Financial Institutions
Last Action
Referred to PDP, CPC, referral sheet 25
3/15/2021