{"id":7840,"date":"2021-06-20T01:54:15","date_gmt":"2021-06-20T11:54:15","guid":{"rendered":"http:\/\/thefilipinochronicle.com\/backup\/?p=7840"},"modified":"2021-06-20T01:54:20","modified_gmt":"2021-06-20T11:54:20","slug":"gov-david-ige-signs-new-bill-to-regulate-payday-loans-with-lower-interest-rate","status":"publish","type":"post","link":"http:\/\/thefilipinochronicle.com\/backup\/2021\/06\/20\/gov-david-ige-signs-new-bill-to-regulate-payday-loans-with-lower-interest-rate\/","title":{"rendered":"Gov. David Ige Signs New Bill to Regulate Payday Loans with Lower Interest Rate"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img data-attachment-id=\"7797\" data-permalink=\"http:\/\/thefilipinochronicle.com\/backup\/hfn_payday-loans-color\/\" data-orig-file=\"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404\" data-orig-size=\"540,404\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"HFN_payday loans-color\" data-image-description=\"\" data-medium-file=\"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=300%2C224\" data-large-file=\"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404\" width=\"540\" height=\"404\" src=\"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404\" alt=\"\" class=\"wp-image-7797\" srcset=\"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?w=540 540w, https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=300%2C224 300w\" sizes=\"(max-width: 540px) 100vw, 540px\" data-recalc-dims=\"1\" \/><\/figure><\/div>\n\n\n\n<p>\u00a0Gov. David Ige signed House Bill 1192 into law, a landmark payday lending reform bill that assists working families and individuals who likely do not have a checking or savings account, or credit card to pay for emergency and\/or recurring expenses.\u00a0<\/p>\n\n\n\n<p>HB 1192\u00a0would phase out\u00a0Hawaii&#8217;s\u00a0statutory structure for\u00a0payday loans\u00a0\u2014 a short-term, high cost\u00a0loan\u00a0\u2014 by the end of this year and replace the product with more regulated, lower interest rate installment\u00a0loans\u00a0in 2022. The new law aims to correct Hawaii\u2019s current payday lending laws in which borrowers receive short-term loans with their uncashed paycheck serving as the collateral.<\/p>\n\n\n\n<p>A state audit found a 14-day loan might have so many fees that if renewed over the course of a year, the annual interest could legally be as high as 459%.<\/p>\n\n\n\n<p>\u201cFor too long, payday loans have trapped so many of our most financially vulnerable people in a cycle of debt that they cannot escape.\u00a0 This legislation not only corrects this serious injustice, but also and more importantly enables access to needed capital while providing a path to greater financial self-sufficiency and opportunity,&#8221; said Rep. Aaron Ling Johanson, House Consumer Protection &amp; Commerce Committee Chair and author of the bill.<\/p>\n\n\n\n<p>\u201cWhat Hawaii was charging was three times higher than what the same lender was charging consumers in other states. We had a really, really dysfunctional market,\u201d said Sen. Rosalyn Baker, who has been pushing to regulate payday loans in Hawaii for years.<\/p>\n\n\n\n<p>HB1192 phases out current unregulated payday loans and creates a licensed, regulated installment lending system. Interest rates and monthly fees are capped, making the loans ultimately less costly to the consumer.<\/p>\n\n\n\n<p>Consumer advocates say the bill will help borrowers (3% in Hawaii) who do not have banking accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Gov. David Ige signed House Bill 1192 into law, a landmark payday lending reform bill&#8230;<\/p>\n","protected":false},"author":1,"featured_media":7797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","_links_to":"","_links_to_target":""},"categories":[20,11,5],"tags":[],"featured_image_urls":{"full":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,false],"thumbnail":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=150%2C150",150,150,true],"medium":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=300%2C224",300,224,true],"medium_large":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,true],"large":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,true],"1536x1536":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,true],"2048x2048":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,true],"ultp_layout_landscape_large":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"ultp_layout_landscape":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"ultp_layout_portrait":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"ultp_layout_square":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"covernews-slider-full":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"covernews-slider-center":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=540%2C404",540,404,true],"covernews-featured":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404",540,404,true],"covernews-medium":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=483%2C340",483,340,true],"covernews-medium-square":["https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?resize=400%2C250",400,250,true]},"author_info":{"info":["admin"]},"category_info":"<a href=\"http:\/\/thefilipinochronicle.com\/backup\/category\/featured\/\" rel=\"category tag\">Featured<\/a> <a href=\"http:\/\/thefilipinochronicle.com\/backup\/category\/_news\/hawaii-filipino\/\" rel=\"category tag\">Hawaii - Filipino<\/a> <a href=\"http:\/\/thefilipinochronicle.com\/backup\/category\/_news\/\" rel=\"category tag\">News<\/a>","tag_info":"News","comment_count":"0","jetpack_featured_media_url":"https:\/\/i1.wp.com\/thefilipinochronicle.com\/backup\/wp-content\/uploads\/2021\/06\/HFN_payday-loans-color.jpeg?fit=540%2C404","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/posts\/7840"}],"collection":[{"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/comments?post=7840"}],"version-history":[{"count":1,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/posts\/7840\/revisions"}],"predecessor-version":[{"id":7841,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/posts\/7840\/revisions\/7841"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/media\/7797"}],"wp:attachment":[{"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/media?parent=7840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/categories?post=7840"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/thefilipinochronicle.com\/backup\/wp-json\/wp\/v2\/tags?post=7840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}