Prohibits financial institutions doing business in the State from issuing pre-approved applications for credit cards and other financial products to consumers as a marketing ploy.

A BILL FOR AN ACT

SECTION 1. Chapter 481B, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§481B- Pre-approved credit card applications. No financial institution, regardless of whether or not it is subject to chapter 412, shall offer a Hawaii resident, through any medium of communication, a pre-approved application for a credit card or other financial product unless the offer is bona-fide."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.