HI HB81

Adds definition of "annual percentage rate" to Hawaii Revised Statutes section 480F-1, incorporating the federal Truth in Lending Act methodology with all applicable finance charges included.

Changes deferred deposit minimum term from 32 days to a minimum of 6 months, with no maximum term or minimum finance charge specified in statute or rule.

Caps the annual percentage rate for deferred deposits at 45 percent and requires lenders to refund a prorated portion of interest charges if the customer prepays before maturity.

Maintains the $600 maximum face amount for checks and 15 percent maximum fee on check face amount, while requiring written agreements to disclose total fees in both currency and annual percentage rate.

Prohibits penalties for early prepayment and removes the restriction that deferred deposits cannot exceed 32 days.