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HI HB2335
Bill
Status
1/24/2024
Primary Sponsor
Scott Saiki
Click for details
AI Summary
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Reduces fixed interest rates for agricultural loans under Hawaii Revised Statutes Section 155-8, lowering rates for classes "A," "B," "C," "E," and "G" from 7.5% to 4% per year.
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Lowers interest rates for class "F" loans from 6% to 3% per year, while maintaining class "H" and "I" loans at 3% per year.
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Sets a minimum interest rate floor of 2% per year for all agricultural loans, down from 3%.
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Allows state borrowing costs to override fixed rates only when the cost to the State exceeds the fixed rate plus 1%.
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Effective date: July 1, 3000.
Legislative Description
Relating To Agricultural Loans.
Department of Agriculture
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Aiu, Garrett, Perruso, Takayama, Todd excused (5).
2/16/2024