HB1048

Hawaii HB1048 amends installment loan regulations, setting maximum loan amounts, repayment terms, and fees.

Hawaii HB1048 modifies installment loan regulations by setting a maximum loan amount of $1,500 and requiring a minimum repayment term of two months for loans up to $500 and four months for loans over $500. It mandates that lenders provide written receipts for cash or in-person payments, detailing the lender's name, address, payment date, amount paid, and account identification. The bill also prohibits lenders from charging monthly maintenance fees to active military personnel or their dependents and restricts the charging of non-sufficient funds fees for rejected debit card payments.