Hawaii Revised Statutes 657D-17 – Maximum rate of interest
Terms Used In Hawaii Revised Statutes 657D-17
- Court: includes any court of competent jurisdiction of the State of Hawaii, whether or not a court of record. See Hawaii Revised Statutes 657D-1
- Military service: means service on state active duty in any of the state military forces or full time National Guard duty. See Hawaii Revised Statutes 657D-1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Period of military service: means the period beginning on the date on which the person enters state active duty or full time National Guard duty and ending on the date of the person's release from state active duty or full time National Guard duty or the person's death while on state active duty or full time National Guard duty. See Hawaii Revised Statutes 657D-1
- Person: when used with reference to the holder of any right alleged to exist against a person in military service or against a person secondarily liable under such right, includes individuals, partnerships, corporations, and any other forms of business association. See Hawaii Revised Statutes 657D-1
No obligation or liability bearing interest at a rate in excess of six per cent a year incurred by a person in military service before that person’s entry into that service, during any part of the period of military service, shall bear interest at a rate in excess of six per cent a year unless, in the opinion of the court, upon application thereto by the obligee, the ability of the person in military service to pay interest upon the obligation or liability at a rate in excess of six per cent per year is not materially affected by reason of that service, in which case the court may make such order as it deems just.
As used in this section the term “interest” includes service charges, renewal charges, fees, or other charges, except bona fide insurance, as to the obligation or liability.