Hawaii Revised Statutes 468M-5 – Legal rate; computation
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Terms Used In Hawaii Revised Statutes 468M-5
- Activity desk: means any sole proprietorship, organization, trust, group, association, partnership, corporation, society, or combination thereof, which for compensation or other consideration, acts or attempts to act as an intermediary to sell, contract for, arrange, or advertise that it can or will arrange, or has arranged, activities which are furnished by an activity provider. See Hawaii Revised Statutes 468M-1
- Activity provider: means an individual, firm, corporation, association, partnership, or any group of persons, whether incorporated or not, which provides specialized air, land, or sea tour excursions and activities, but does not mean sellers of airline coupons or tickets. See Hawaii Revised Statutes 468M-1
- Contract: A legal written agreement that becomes binding when signed.
- month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
Except as otherwise permitted by existing written contract, any activity desk that directly or indirectly receives any interest on the payment due to the activity provider, shall remit the interest and the payment due to the activity provider; provided that if the interest and payment due are not remitted within thirty days from the date of invoice, interest on the unpaid balance of the interest and payment due shall accrue at the rate of one per cent per month from the due date.