Hawaii Revised Statutes 481M-6 – Early termination
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Terms Used In Hawaii Revised Statutes 481M-6
- Cash price: means the price at which retail sellers are selling and retail buyers are buying the same or similar property for cash in the same trade area in which the lessor's place of business is located. See Hawaii Revised Statutes 481M-1
- Lessee: means a natural person who rents personal property under a lease-purchase agreement. See Hawaii Revised Statutes 481M-1
- Lessor: means a person who regularly provides the use of property through lease-purchase agreements and to whom lease payments are initially payable on the face of the lease-purchase agreement. See Hawaii Revised Statutes 481M-1
The lessee shall have the right to acquire ownership of the property at any time after the initial payment by tendering to the lessor all past due payments and fees and an amount equal to the cash price stated in the lease-purchase agreement multiplied by a fraction that has as its numerator the number of periodic payments remaining under the agreement and that has as its denominator the total number of periodic payments.