Terms Used In Hawaii Revised Statutes > Chapter 478 - Interest and Usury

• Agent: means a person under the direct supervision of a pharmacist, acting in the pharmacist's presence. See Hawaii Revised Statutes 328-91
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer credit: means credit extended to a natural person primarily for a personal, family, or household purpose:

  (1) In which the principal amount does not exceed $250,000 or in which there is an express written commitment to extend credit in a principal amount not exceeding $250,000; or

  (2) Such credit is secured by real property or by personal property used or expected to be used as the borrower's principal dwelling. See Hawaii Revised Statutes 478-1

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Credit: means the right to defer payment of debt or to incur debt and defer its payment. See Hawaii Revised Statutes 478-1
• Credit card: means any card, plate, coupon book, or other single credit device issued with or without fee by an issuer for the use of the cardholder in obtaining money, goods, services, or anything else of value, from time to time, on credit. See Hawaii Revised Statutes 478-1
• Credit card agreement: means any agreement that provides primarily for the extension of credit pursuant to the cardholder's use of a credit card. See Hawaii Revised Statutes 478-1
• Drug product: means a drug as defined in § 328-1 other than a biological product as defined in this part. See Hawaii Revised Statutes 328-91
• Equivalent generic drug product: means a drug product approved by the director as substitutable by pharmacists and included in the Hawaii list of equivalent generic drug products and interchangeable biological products. See Hawaii Revised Statutes 328-91
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Hawaii list of equivalent generic drug products and interchangeable biological products: means the list of equivalent generic drug products and interchangeable biological products, which may include references to the Orange Book, the Purple Book, and other published findings and approvals of the United States Food and Drug Administration, created and published by the director pursuant to the director's authority in this part to approve drug products and biological products that pharmacists may substitute with equivalent generic drug products and interchangeable biological products. See Hawaii Revised Statutes 328-91
• Home business loan: means a credit transaction (1) in which the principal amount does not exceed $250,000 or in which there is an express written commitment to extend credit in a principal amount not exceeding $250,000; (2) which is not a consumer credit transaction; and (3) which is secured by a mortgage of the principal dwelling of any natural person who is a mortgagor named in the mortgage given as security in connection with the credit transaction. See Hawaii Revised Statutes 478-1
• Interchangeable biological product: means a biological product approved by the director as substitutable by pharmacists and included in the Hawaii list of equivalent generic drug products and interchangeable biological products. See Hawaii Revised Statutes 328-91
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum finance charge: The minimum, or fixed, finance charge that will be imposed during a billing cycle. A minimum finance charge usually applies only when a finance charge is imposed, that is, when you carry over a balance. ^{Source: Federal Reserve}
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Real property: includes stock in a cooperative housing corporation and personal property used or intended to be used as a consumer's residence. See Hawaii Revised Statutes 478-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Savings: means the financial benefit derived from utilizing the substituted equivalent generic drug product or interchangeable biological product from the perspective of the consumer or the ultimate payer, including third party payers. See Hawaii Revised Statutes 328-91
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Truth in Lending Act: means the federal Truth in Lending Act (15 U. See Hawaii Revised Statutes 478-1
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}