THE SENATE

THE THIRTY-FIRST LEGISLATURE

REGULAR SESSION OF 2021

 

COMMITTEE ON COMMERCE AND CONSUMER PROTECTION

Senator Rosalyn H. Baker, Chair

Senator Stanley Chang, Vice Chair

 

NOTICE OF HEARING

 

 

DATE:

Tuesday, February 9, 2021

TIME:

9:30 AM

PLACE:

Conference Room 229

 

THE STATE CAPITOL IS CLOSED TO THE PUBLIC DURING THE ONGOING COVID-19 PANDEMIC

To comply with social distancing requirements, only written and videoconference testimony will be accepted.  If you wish to testify via videoconference you must also submit written testimony.

 

A live stream of all Senate Standing Committee meetings will be available on the Senate YouTube Channel.

 

Click here for more information about Live and On-Demand Video options.

 

A G E N D A

 

SB 946

      Status & Testimony

RELATING TO COMMERCIAL PROPERTY RENT RELIEF.

Establishes a Commercial Rent Relief Grant Program.  Requires that the commercial rent relief grants be given priority for moneys received through federal funding.

 

CPN, WAM

 

SB 903

      Status & Testimony

RELATING TO AFFORDABLE HOUSING.

Limits monthly rent increases for certain dwelling units to an unspecified per cent for the term of the rental agreement or every 12 months, whichever period is longer.  Prohibits rent increases due to the landlord's negative cash flow resulting from refinancing or purchasing the rental dwelling unit.  Establishes a rent stabilization advisory working group to advise on matters relating to the stabilization of certain dwelling unit rental amounts.  Requires the legislative reference bureau to conduct a study on actions that other states have taken to incentivize landlords to stabilize rents.

 

CPN, WAM/JDC

SB 205

      Status & Testimony

RELATING TO DEFERRED DEPOSITS.

Reduces the maximum fee a check casher may charge under a payday loan agreement for deferring the deposit of a check from fifteen per cent to seven per cent of the face value of the check.

 

CPN, JDC

 

SB 973

      Status & Testimony

RELATING TO HAWAII MONEY TRANSMITTER ACT.

Amends the Money Transmitters Act.  Changes the short title to Monetary Transmitters Modernization Act; incorporates definitions of key terms provided in the draft model money services business law published by the Conference of State Bank Supervisors; adds supporting documentation to be submitted by a license applicant; extends the period of a license applicant's litigation and criminal conviction history review from five to ten-years next date of the application; requires a license applicant to submit information concerning any bankruptcy or receivership proceedings; and clarifies the authority of the commissioner of financial institutions relating to examinations and investigations of licensees and to participate in nationwide protocols for licensing cooperation.

 

CPN, JDC

 

SB 974

      Status & Testimony

RELATING TO CONSUMER PROTECTION.

Provides for a new viable installment-based small dollar loan transactions in addition to enhanced deferred deposit transactions.  Specifies various consumer protection requirements for small dollar loans.  Beginning 1/1/23, requires licensure for small dollar lenders that offer small dollar loans to consumers, subject to the oversight of the division of financial institutions of the department of commerce and consumer affairs to protect against illegal lending.  Specifies licensing requirements for small dollar lenders.  Caps interest at thirty-six per cent per annum and one simple maximum monthly maintenance fee tiered up to $50.00.  Amortizes loans in full and renewing the loan while also permitting borrowers to choose to repay the loan without penalty.  Caps maximum allowable costs at sixty per cent of the principal loan amount, preventing a loan from being either too short or too long in duration.  Caps the maximum allowable loan size at $1,500, providing more flexibility for lenders and borrowers than under the current law.  Requires lenders to provide clear disclosures of the loan terms and total charges.  Prohibits a lender from making more than one loan at a time to a consumer, preventing incentives for lenders to "split" loans and charge higher fees.  Repeals section 480F-4, Hawaii Revised Statutes, relating to deferred deposits, to provide further protection to Hawaii's consumers from harmful lending practices.  Effective 7/1/22; provided that the licensing requirements established by section 2 shall take effect on 1/1/23.

 

CPN, WAM/JDC

 

 

Decision Making to follow, if time permits.

 

All testimony received by the Hawai‘i Senate is posted on the Hawai‘i Legislature's website, which is accessible to the public. Please do not include private information that you do not want disclosed to the public.

 

Persons wishing to submit written testimony or request to testify via videoconference may do so up to 24 hours prior to the hearing.

 

Click here to submit written testimony.

 

If you wish to testify via videoconference during the hearing, please sign in to your account on the Legislature's website, then click on the "Testimony" icon on the home page. Detailed step-by-step instructions are available on the testimony submittal page. They are also posted on the Legislature's website here.

Please note the following:

·         The number of videoconference testifiers and/or time allotted to each testifier may be limited by the Chair when necessary to adhere to the committee hearing schedule. We may not be able to accommodate everyone who requests to testify remotely.

·         Videoconference testifiers for this hearing will be limited to 2 minutes each.

 

For general help navigating the committee hearing process, please contact the Public Access Room at (808) 587-0478 or [email protected]. You can also visit their website at https://lrb.hawaii.gov/par/.

 

For special assistance: The cable TV broadcast and/or live stream of this meeting will include closed captioning. If you require other auxiliary aids or services to participate in the public hearing process (i.e., interpretive services (oral or written) or ASL interpreter), or are unable to submit testimony via the website due to a disability, please contact the committee at [email protected] at least 24 hours prior to the hearing.

 

For amended notices: Measures that have been deleted are stricken through and measures that have been added are underscored.  If a measure is both underscored and stricken through, that measure has been deleted from the agenda.

 

FOR FURTHER INFORMATION, PLEASE CALL THE COMMITTEE CLERK AT (808) 586-6070.

 

 

 

 

 

_____________________________________

Senator Rosalyn H. Baker

Chair