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Can you summarize HIRS 478-11.5?
Interest and Usury > Credit cards.
Short Summary
This legal document, part of the Hawaii Revised Statutes, governs credit card plans and agreements. It applies to credit card issuers and customers who are residents of Hawaii. The document outlines the information that must be provided in every solicitation and application for a credit card plan, including the initial interest rate, any fees or charges, and the date interest begins to accrue. It also addresses annual fees, minimum charges, and the due date for charges incurred with a charge card. The document further stipulates that the interest rate should not exceed eighteen percent per year. Additionally, it requires credit card issuers to disclose any fees or charges in the credit card agreement. Overall, this document aims to ensure transparency and fair practices in credit card agreements in Hawaii.
Whom does it apply to?
Credit card issuers and customers who are residents of Hawaii
What does it govern?
Credit card plans and agreements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
None mentioned.
Jurisdiction
Hawaii