STAND. COM. REP. NO.  901

Honolulu, Hawaii

                , 2009

RE:   H.B. No. 447

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Fifth State Legislature

Regular Session of 2009

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 447, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO PAYDAY LENDING,"

begs leave to report as follows:

     The purpose of this bill is to help protect Hawaii's consumers by requiring, among other things, all payday lending, including check cashing and deferred deposit businesses to conspicuously post all rates and fees, and provide this information to each customer in writing.  This bill also provides for interest-free payment plans and eliminates the exemption from the Check Cashing Law for retailers who occasionally cash checks.

     The Department of Commerce and Consumer Affairs, Aloha United Way, Legal Aid Society of Hawaii, and Money Service Centers of Hawaii, Inc., supported this bill.  The Hawaii Alliance for Community-Based Economic Development provided comments.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 447, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair