Report Title:
Consumer Credit; Military
Description:
Requires financial institutions and creditors that extend consumer credit to the members of the armed forces or reserves on active duty and their dependents, to conform their lending practices to the federal John Warner National Defense Authorization Act for Fiscal Year 2007, as amended, relating to the terms of consumer credit extended to the military and their dependents, including maximum annual percentage rates and required disclosures.
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THE SENATE |
S.B. NO. |
617 |
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TWENTY-FIFTH LEGISLATURE, 2009 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO consumer credit.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The purpose of this Act is to require financial institutions and creditors that extend consumer credit to the members of the armed forces or reserves on active duty and their family members, to conform their lending practices to the federal John Warner National Defense Authorization Act for Fiscal Year 2007, as amended, relating to the terms of consumer credit extended to the military and their dependents, including maximum annual percentage rates and required disclosures.
SECTION 2. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part III of article 5 to be appropriately designated and to read as follows:
"§412:5- Terms of credit extended to military personnel and family members. Any bank that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 3. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part III of article 6 to be appropriately designated and to read as follows:
"§412:6- Terms of credit extended to military personnel and family members. Any savings bank that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 4. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part III of article 7 to be appropriately designated and to read as follows:
"§412:7- Terms of credit extended to military personnel and family members. Any savings and loan association that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 5. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part III of article 9 to be appropriately designated and to read as follows:
"§412:9- Terms of credit extended to military personnel and family members. Any financial services loan company that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 6. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part IV of article 10 to be appropriately designated and to read as follows:
"§412:10- Terms of credit extended to military personnel and family members. Any credit union that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 7. Chapter 477E, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§477E- Terms of credit extended to military personnel and family members. Any creditor that extends consumer credit to a covered borrower, as defined in Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register, shall comply with the provisions of section 670 of Public Law 109-364 and Title 32 Code of Federal Regulations section 232.3, as published on August 31, 2007, in volume 72 of the Federal Register pertaining to the extending of consumer credit."
SECTION 8. New statutory material is underscored.
SECTION 9. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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