The Center for Responsible Lending and National Consumer Law Center submitted testimony in support of Hawaii SB 2664, which clarifies that earned wage advances and other fintech cash advances are loans subject to Hawaii law and interest rate limits. In 2021, the Hawaii Legislature voted unanimously to end predatory payday lending in the state when it enacted HB 1192. SB 2664 closes a potential loophole in that law that fintech lenders exploit to offer 300%+ APR loans to Hawaii residents. The bill would prevent these new high-cost loans, which result in workers paying to be paid, from evading Hawaii’s strong consumer protection laws.