Thursday, September 21, 2023
Hawai'i Free Press

Current Articles | Archives

Monday, December 11, 2017
Payday Lending: Legislature to Consider New Regulations?
By News Release @ 1:13 AM :: 3326 Views :: Small Business


From Senate Democratic Caucus, December 8, 2017

How Hawai‘i’s payday loans both help and hurt residents who use their services were examined in an informational briefing held at the State Capitol today.  

Senator Rosalyn Baker (Dist. 6 – South and West Maui), Chair of the Senate Committee on Commerce, Consumer Protection, and Health, along with members of the House Committee on Consumer Protection and Commerce, heard from the Stephen Levins, head of the DCCA Office of Consumer Protection on the present status of Hawai‘i’s payday lending laws. Hawai‘i and 15 other states have APR rates of approximately 460% or higher.

Nick Bourke, Director of Consumer Finance with The Pew Charitable Trusts, explained that when payday loans were introduced 25 years ago as short term loans, they were created with good intention. Bourke told lawmakers that today the law around payday lending is broken and reform is needed.  Several states have made efforts to reform payday lending laws and Bourke shared a survey that found 3 in 4 Americans want payday loans to be more regulated. Bourke suggested elements to make loans safe and fair including making payments affordable, spreading the repayment cost over the life of the loan, give borrowers a reasonable time to repay the loan, and lower the cost of the loans, as well as guard against harmful practices.  

Jeff Gilbreath of the nonprofit Hawai‘i Community Lending , shared data gathered on a three-year small dollar loan pilot project.  The agency offered loans to 184 qualifying clients at 8 to 16 percent annual interest rates. Gilbreath said the pilot shows how it is possible to loan clients at lower rates and still earn a profit.  

Hawai‘i legalized payday lending in 1999 as a way to regulate the check cashing business.  Many states have either banned payday loans or capped the loan rates on the industry that is currently worth $30 billion nationally.  The purpose of the informational briefing is to gather data that may be used in legislation to improve payday lending laws.


SA: Rewrite rules for payday loans

SA: State legislators aim to regulate high-interest payday loans



TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Back da Blue Hawaii

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together



Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii


Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii