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Pew Applauds Hawaii Lawmakers for Reining in Payday Loans Enabling Lower-Cost Credit
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Hawaii Adopts Comprehensive Payday Lending Reform
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Hawaii passes law to phase out payday loan lending - Pacific Business News
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Hawaii Business Magazine
May 12, 2021
If you bought a single bitcoin for $1,000 in February 2017 and sold it four years later, you’d pocket around $50,000.
But, if you lived in Hawai‘i, you probably didn’t buy Bitcoin after February 2017. That month, the digital currency exchange Coinbase ceased operations in Hawai‘i, blaming over-regulation. Local residents were given 30 days to transfer or sell their digital currency and close their accounts.
Since then, digital currency exchanges have struggled to operate in Hawai‘i, but a pilot program started in 2020 opened the door for their return. The Digital Currency Innovation Lab, a joint project of the Hawai‘i Division of Financial Institutions and the Hawaii Technology Development Corp., is a novel approach to regulation. It’s a “regulatory sandbox,” with state regulators working closely with a select group of companies and gathering data to inform decisions about how to regulate the industry moving forward.
Legislative Negotiators Agree To End Payday Loans In Hawaii By 2022 - Honolulu Civil Beat
The bill would replace the high-interest loans with installment loans that have lower fees. Reading time: 3 minutes.
A bill to end payday loans in Hawaii and replace them with lower interest installment loans is on its way to the full House and Senate for a vote after legislative negotiators reached an agreement on the measure Tuesday afternoon.
The final version of House Bill 1192 allows consumers to take out an installment loan as high as $1,500 with a 36% annual interest cap, Rep. Aaron Johanson said, adding that lenders can also charge a monthly fee up to $35 depending on the size of the loan.