Hawaii Revised Statutes 478-6 – Usury; penalty
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Terms Used In Hawaii Revised Statutes 478-6
- Credit: means the right to defer payment of debt or to incur debt and defer its payment. See Hawaii Revised Statutes 478-1
- 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
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
Any person who directly or indirectly receives any interest or finance charge at a rate greater than that permitted by law or who, by any method or device whatsoever, receives or arranges for the receipt of interest or finance charge at a greater rate than that permitted by law on any credit transaction shall be guilty of usury and shall be fined not more than $250, unless a greater amount is allowed by law, or imprisoned not more than one year, or both.