Hi everyone,
Are payday loans from the Internet legal for residents of Hawaii? I checked all over and it seems they are unregulated in Hawaii. Then I called the Hawaii department of banking and the rep said payday lending is unregulated. So does that mean they are legal and nothing can be done about them?
Sub: #1 posted on Fri, 07/09/2010 - 00:30
Moderators
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http://hawaii.gov/d cca/dfi/regulate/regulate/
Click on 'money transmitters' and non-depository. List your Internet lenders please, we can help you determine if they are legal lenders or not, there is a course of action for non licensed lenders in your state: CLICK HERE to find out how to deal with illegal lenders.
Sub: #2 posted on Fri, 07/09/2010 - 04:55
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http://hawaii.gov/d cca/dfi/regulate/regulate/ 'money transmitters' and non-depository has nothing to do with payday lenders. The rep said payday lending is unregulated.
I am surprised at all the wrong information given on this website.
Sub: #3 posted on Sat, 07/10/2010 - 06:24
This limits the amount of the deferred deposit, the fee, and other conditions under which a deferred deposit may be accepted. A check casher might be able to offer a loan (i.e.not a "deferred deposit"), but then there would be other limitations that apply, such as Chapter 478.
You probably spoke to somebody at DFI (Division of Financial Institutions), and it is true that they don't administer the regulations on check cashers, hence they have nothing to do with payday loans, but that doesn't mean that payday loans are not subject to rules and regulations.
Sub: #4 posted on Sun, 10/03/2010 - 12:23