§478-7 - Compound, not recoverable.
§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. [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]
Case Notes
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 H. 571, 596.
This section states common law rule. 8 H. 742.
Effect of express promise to pay interest at a specified time. 36 H. 571, 598.