478-1 Definitions
478-2 Legal rate; computation
478-3 On judgment
478-4 Rate by written contract
478-5 Usury not recoverable
478-6 Usury; penalty
478-7 Compound, not recoverable
478-8 Exemptions from usury
478-8.5 Repealed
478-9 Rejection of federal law
478-10, 11 Repealed
478-11.5 Credit cards
478-12 Renumbered
478-13 Repealed

Terms Used In Hawaii Revised Statutes > Chapter 478 - Interest and Usury

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Applicant: means the person for whose use and benefit application for services or public assistance is made. See Hawaii Revised Statutes 346-1
  • Arrest: Taking physical custody of a person by lawful authority.
  • Child caring institution: means any institution other than an institution of the State, maintained for the purpose of receiving six or more minor children for care and maintenance, not of common parents, apart from their parents or guardians on a twenty-four hour basis for monetary payment. See Hawaii Revised Statutes 346-16
  • Child placing organization: means any person, agency, or organization, except family courts and the department of human services, engaged in the investigation, placement, and supervision of children in foster care. See Hawaii Revised Statutes 346-16
  • 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

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Department: means the department of human services. See Hawaii Revised Statutes 346-1
  • Director: means the director of human services. See Hawaii Revised Statutes 346-1
  • 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
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Financial assistance: means public assistance, except for payments for medical care, social service payments, transportation assistance, and emergency assistance under § 346-65, including funds received from the federal government. See Hawaii Revised Statutes 346-1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Former foster youth: means a person formerly placed under the jurisdiction of the department as a foster child by the family court pursuant to chapter 587A who has attained the age of eighteen while under the placement responsibility of the department or who was under the placement responsibility of the department when a legally responsible caregiver was granted custody. See Hawaii Revised Statutes 346-16
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • 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. See Hawaii Revised Statutes 478-1
  • Institution of higher education: means any institution normally requiring a high school diploma or equivalency certificate for enrollment, including but not limited to colleges, universities, and vocational or technical schools. See Hawaii Revised Statutes 346-16
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Medical assistance: means payment for medical care or personal care services, including funds received from the federal government. See Hawaii Revised Statutes 346-1
  • Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. Source: Federal Reserve
  • Minor dependents: means dependents living in the home of a specified adult, as defined by rules, in which the adult is the primary caretaker and the dependent is under eighteen or if between eighteen and nineteen, enrolled full-time in a program of secondary or equivalent level vocational or technical school, and is expected to complete the program before reaching age nineteen. See Hawaii Revised Statutes 346-1
  • month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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.
  • Prospective adoptive parents: means a person, or persons who are married to each other, applying with the department to adopt a child or children. See Hawaii Revised Statutes 346-16
  • Provider: means any person or public or private institution, agency or business concern authorized by the department to provide health care, service or supplies to beneficiaries of medical assistance. See Hawaii Revised Statutes 346-1
  • 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
  • Recipient: means the person for whose use and benefit services are rendered or a grant of public assistance is made. See Hawaii Revised Statutes 346-1
  • Resource family home: means any boarding home in which:

         (1)  One or more, but fewer than six, minor children are received; or

         (2)  Six or more minor siblings are placed together in the best interests of the children,

    for care and maintenance apart from their parents or guardians on a twenty-four hour basis for fee or charge. See Hawaii Revised Statutes 346-16

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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
  • Truth in Lending Act: means the federal Truth in Lending Act (15 U. See Hawaii Revised Statutes 478-1
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC