(a) All pawn transaction agreements shall be in writing.

Terms Used In Hawaii Revised Statutes 445-134.11

  • 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
  • Holding period: means a period of time not less than thirty days after the maturity date, in which a customer has the right to redeem pledged goods by paying a pawnbroker the amount provided in the applicable pawn transaction agreement and an additional pawn finance charge. See Hawaii Revised Statutes 445-131
  • Maturity date: means the date upon which a pawn transaction agreement expires and the holding period begins to run. See Hawaii Revised Statutes 445-131
  • Pawn finance charge: means the sum of all charges, payable directly or indirectly by the customer and imposed directly or indirectly by the pawnbroker, including charges for insurance, handling, storage, and any other charge imposed incidental to the pawn transaction. See Hawaii Revised Statutes 445-131
  • Pawn transaction: means the act of lending money on the security of pledged goods or the act of purchasing tangible personal property on condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. See Hawaii Revised Statutes 445-131
  • Pawnbroker: means a person engaged in the business of making pawn transactions, but does not include financial institutions whose deposits are federally insured and companies that are regulated or supervised by the division of financial institutions. See Hawaii Revised Statutes 445-131
  • Pledged goods: means tangible personal property, other than choses in action, securities, or printed evidences of indebtedness, that is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of the pawnbroker's business and in connection with a pawn transaction. See Hawaii Revised Statutes 445-131
(b) The pawnbroker shall provide the customer with a signed copy of the pawn transaction agreement.
(c) The pawn transaction agreement shall include:

(1) The name, address, and telephone number of the pawnbroker;
(2) The name, address, telephone number, and date of birth of the customer;
(3) The type of identification presented by the customer;
(4) The pawn transaction number;
(5) The date on which the pawn transaction agreement is signed;
(6) The net amount paid to, received by, or paid or payable for the account of the customer, expressed as the “amount financed”;
(7) The dollar amount of the pawn finance charge, expressed as the “finance charge”;
(8) The rate of the pawn finance charge as applied to the amount financed, expressed as the “annual percentage rate”;
(9) The total amount that must be paid to redeem the pledged goods on or before the maturity date, expressed as the “total of payments”;
(10) An identification of pledged goods, including all serial numbers and model numbers, where available, and any other identifying markings or information;
(11) The maturity date of the pawn transaction;
(12) A statement to the effect that the customer is not obligated to redeem the pledged goods, and the pledged goods shall be forfeited to the pawnbroker upon the expiration of the last holding period, provided that the pledged goods may be redeemed by the customer within the holding period by making payment of the originally agreed total of payments plus an additional pawn finance charge in accordance with section 445-134.12; and
(13) The date on which the holding period expires.
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