STAND. COM. REP. NO. 913

Honolulu, Hawaii

RE: S.B. No. 974

S.D. 2

Honorable Ronald D. Kouchi

President of the Senate

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

Sir:

Your Committees on Ways and Means and Judiciary, to which was referred S.B. No. 974, S.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO CONSUMER PROTECTION,"

beg leave to report as follows:

The purpose and intent of this measure is to create a licensing process for, and consumer protection measures governing, small dollar installment loans.

Your Committees received written comments in support of this measure from the Department of Commerce and Consumer Affairs.

Your Committees received written comments in opposition to this measure from Maui Loan Inc. and one individual.

Your Committees find that this measure will provide a beneficial alternative to Hawaii's check cashing industry, with greater oversight and additional protections for consumers.

Your Committees have amended this measure by:

(1) Defining "elder" for the purposes of section 412:9-X, Hawaii Revised Statutes;

(2) Deleting sections 6 and 10 of the measure and renumbering the remaining sections accordingly;

(3) Changing the effective date to July 1, 2050, to facilitate further discussion on the measure; and

(4) Making technical nonsubstantive changes for the purposes of clarity, consistency, and style.

As affirmed by the records of votes of the members of your Committees on Ways and Means and Judiciary that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 974, S.D. 1, as amended herein, and recommend that it pass Third Reading in the form attached hereto as S.B. No. 974, S.D. 2.

Respectfully submitted on behalf of the members of the Committees on Ways and Means and Judiciary,

________________________________ KARL RHOADS, Chair

________________________________ DONOVAN M. DELA CRUZ, Chair