Haw. Rev. Stat. § 478-7

Current through the 2024 Legislative Session

Section 478-7 - Compound, not recoverable

No action shall be maintainable in any court of the State to recover compound interest upon any consumer credit transaction or upon any credit card agreement whatever.

HRS § 478-7

CC 1859, §1484; RL 1925, §3590; RL 1935, §7056; RL 1945, §8737; RL 1955, § 191-7; HRS § 478-7; am L 1986, c 137, pt of §1

Notes given to cover accumulated compound interest held to be not void. 8 H. 614. Interest upon interest may be contracted for. 8 H. 742; 30 H. 359, 379. See 31 H. 958;36 Haw. 571, 596. This section states common law rule.8 Haw. 742. Effect of express promise to pay interest at a specified time.36 Haw. 571, 598.