Payday loan laws in Hawaii
Status: Legal (For check cashers only) (Hawaii Rev. Stat. Ann. 480F-1 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $600
- Loan tenure: 32 days
- Fees and finance charges: 15% of check value
- Finance charge on a 14-day $100 loan: $17.65
- APR on 14-day $100 loan: 459%
Collection restrictions:
- Collection fees: $20 NSF fee; check cashers can't recover damages from checks passed instead of insufficient funds.
- Criminal procedures: Prohibited (Unless check returned due to closed account or stop-payment state)
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: One
- Rollovers allowed: None (can't refinance or consolidate)
Complaint cell:
- Regulator: Hawaii Department of Commerce and Consumer Affairs
- Address: Consumer Resource Center, 235 S. Beretania Street, Rm 801 Honolulu HI 96813
- Phone: (808) 587-3222
- Fax: (808) 586-2640
- Regulatory contact: Bruce B. Kim, Executive Director
- Website: http://hawaii.gov/dcca
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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