Hawaii HB1048 regulates installment loans by limiting maximum loan amounts and prohibiting multiple loans from the same lender.

Hawaii HB1048 amends installment loan regulations by setting a maximum loan amount of $1,500 and prohibiting consumers from having more than one outstanding loan from the same lender. It also mandates that lenders wait three days before issuing another loan to a consumer who has fully paid off a previous loan. The bill specifies that loan repayment terms must be fully amortized, and it prohibits liens on personal or real property.

Hawaii HB1048 regulates installment loans by limiting maximum loan amounts and prohibiting multiple loans from the same lender.

Hawaii HB1048 amends installment loan regulations by setting a maximum loan amount of $1,500 and prohibiting consumers from having more than one outstanding loan from the same lender. It also mandates that lenders wait three days before issuing another loan to a consumer who has fully paid off a previous loan. The bill specifies that loan repayment terms must be fully amortized, and it prohibits liens on personal or real property.