Hawaii Revised Statutes 478-1 – Definitions
Terms Used In Hawaii Revised Statutes 478-1
- Consumer credit: means credit extended to a natural person primarily for a personal, family, or household purpose:
(1) In which the principal amount does not exceed $250,000 or in which there is an express written commitment to extend credit in a principal amount not exceeding $250,000; or
(2) Such credit is secured by real property or by personal property used or expected to be used as the borrower's principal dwelling. See Hawaii Revised Statutes 478-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit: means the right to defer payment of debt or to incur debt and defer its payment. See Hawaii Revised Statutes 478-1
- Credit card: means any card, plate, coupon book, or other single credit device issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or anything else of value, from time to time, on credit. See Hawaii Revised Statutes 478-1
- Credit card agreement: means any agreement that provides primarily for the extension of credit pursuant to the cardholder's use of a credit card. See Hawaii Revised Statutes 478-1
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: includes stock in a cooperative housing corporation and personal property used or intended to be used as a consumer's residence. See Hawaii Revised Statutes 478-1
- Truth in Lending Act: means the federal Truth in Lending Act (15 U. See Hawaii Revised Statutes 478-1
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
As used in this chapter and unless a different meaning appears from the context:
“Annual percentage rate” shall have the meaning given the term in the Truth in Lending Act.
“Consumer credit” means credit extended to a natural person primarily for a personal, family, or household purpose:
(1) In which the principal amount does not exceed $250,000 or in which there is an express written commitment to extend credit in a principal amount not exceeding $250,000; or
(2) Such credit is secured by real property or by personal property used or expected to be used as the borrower’s principal dwelling.
“Credit” means the right to defer payment of debt or to incur debt and defer its payment.
“Credit card” means any card, plate, coupon book, or other single credit device issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or anything else of value, from time to time, on credit.
“Credit card agreement” means any agreement that provides primarily for the extension of credit pursuant to the cardholder’s use of a credit card. Neither an agreement providing for an overdraft line of credit nor an agreement for a line of credit secured by equity in real property becomes a credit card agreement for the purposes of this chapter because a cardholder can access it through the use of a credit card.
“Finance charge” has the same meaning given such term by the Truth in Lending Act.
“Home business loan” means a credit transaction (1) in which the principal amount does not exceed $250,000 or in which there is an express written commitment to extend credit in a principal amount not exceeding $250,000; (2) which is not a consumer credit transaction; and (3) which is secured by a mortgage of the principal dwelling of any natural person who is a mortgagor named in the mortgage given as security in connection with the credit transaction.
“Real property” includes stock in a cooperative housing corporation and personal property used or intended to be used as a consumer’s residence.
“Truth in Lending Act” means the federal Truth in Lending Act (15 U.S.C. § 1601, et seq.), Regulation Z of the Board of Governors of the Federal Reserve System, and the Official Staff Commentary to Regulation Z prepared by the staff of the Federal Reserve Board, and amendments of the Act, Regulation Z, and such Commentary.