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Can you summarize HIRS Chapter 476?
TRADE REGULATION AND PRACTICE > Credit Sales
Short Summary
This legal document, part of the Hawaii Revised Statutes, governs credit sales. It applies to credit buyers and credit sellers involved in the sale of goods, services, or both, through credit sale contracts. The document provides definitions for various terms, including ‘annual percentage rate’, ‘cash price’, ‘closed-end credit’, ‘credit buyer’, ‘credit sale’, ‘credit sale contract’, ‘credit seller’, ‘finance charge’, ‘goods’, ‘open-end credit’, ‘person’, ‘prepaid finance charge’, ‘principal balance’, ‘services’, ’total of payments’, and ’total sale price’. The document also outlines exemptions to credit sales, including sales for resale, sales primarily for business or commercial purposes, sales to entities other than natural persons, and sales not secured by real or personal property used as the principal dwelling of the consumer. It further exempts sales involving public utility services regulated by government units and sales in securities or commodities accounts extended by registered broker-dealers. No specific penalties are mentioned in this document.
Whom does it apply to?
Credit buyers and credit sellers involved in the sale of goods, services, or both, through credit sale contracts
What does it govern?
Credit sales
What are exemptions?
Sales for resale, sales primarily for business or commercial purposes, sales to entities other than natural persons, sales not secured by real or personal property used as the principal dwelling of the consumer, sales involving public utility services regulated by government units, and sales in securities or commodities accounts extended by registered broker-dealers
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
Hawaii