Are there consumer protections in place regarding high-interest loans?
Yes, consumer protections regarding high-interest loans are in place in Hawaii. The state has a loan shark law that requires all lenders in the state to register with the Department of Commerce and Consumer Affairs, and to disclose the interest rate of all loans they make. This includes short-term and high-interest loans. The State of Hawaii also has a number of other consumer protection laws that protect consumers from high-interest loans. These include the usury law, which limits the interest that can be charged on loans, and the Hawaii Fair Lending Act, which requires lenders to provide certain disclosures to consumers regarding the loan and its rates and terms. The Hawaii Fair Lending Act also makes it illegal for lenders to engage in unfair or deceptive practices when making loans to consumers. In addition, the Consumer Credit Code provides certain additional protections for borrowers, including a 36% interest rate cap for installment and revolving loan transactions. Hawaii law also prohibits lenders from requiring certain collateral or from collecting fees in excess of the amount due on the loan. By following these laws, lenders in Hawaii can ensure that all high-interest loans are provided in a fair and transparent manner, and that consumers are adequately protected from exploitative practices.
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