STAND. COM. REP. NO. 1955

Honolulu, Hawaii

, 2025

RE: S.B. No. 1367

S.D. 1

H.D. 1

Honorable Nadine K. Nakamura

Speaker, House of Representatives

Thirty-Third State Legislature

Regular Session of 2025

State of Hawaii

Madame:

Your Committee on Finance, to which was referred S.B. No. 1367, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO INSTALLMENT LOANS,"

begs leave to report as follows:

The purpose of this measure is to make clarifying amendments to the installment loans law, including:

(1) Using defined terms consistently;

(2) Requiring lenders to prorate fees on a daily basis;

(3) Allowing lenders to charge a $1 convenience fee for debit card payments;

(4) Requiring paper receipts only for cash or in-person payments and removing the requirement that receipts contain the consumer's name; and

(5) Repealing the three-day cool down period between installment loans.

Your Committee received comments on this measure from the Department of Commerce and Consumer Affairs.

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 S.B. No. 1367, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

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

____________________________

KYLE T. YAMASHITA, Chair