New State Laws Offer Stronger Financial Protection for Vulnerable Populations
Gov. David Ige signed into law three finance-related bills to protect some of the state’s most vulnerable populations.
HB940 expands state security laws to better protect elders from financial exploitation. Among other changes, the law allows a qualified person such as an investment advisor to delay a transaction if they suspect fraud.
SB793 removes the subminimum wage from Hawaiʻi. This requires workers with disabilities to receive nothing less than the minimum wage which is currently $10.10.
HB1192 phases out payday loan schemes in Hawai‘i, and allows people to repay consumer loans in installments and improve their credit. Companies that want to offer installment loans can only do so with a license granted by the commissioner effective January 1, 2022.