Hawaii Revised Statutes 481M-7 – Additional charges
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Terms Used In Hawaii Revised Statutes 481M-7
- Contract: A legal written agreement that becomes binding when signed.
- 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
A late charge on lease-purchase agreements may be collected only once on any accrued payment, no matter how long it remains unpaid. A late charge may be collected at the time it accrues or at any time thereafter. A lessor may elect to waive imposition of a late charge due on an accrued payment in accordance with the terms of the lease-purchase agreement; provided that the waiver shall be in writing and, once a late charge is waived for a specific payment, the lessor may not seek to impose a late charge for the accrued payment in question. No late charge shall be assessed against a payment that is timely, even though an earlier late charge has not been paid in full.