HI HB262

Creates new section §478- in Hawaii Revised Statutes to establish interest rate caps for first-time vehicle purchasers.

Limits interest rates to 0% for first-time vehicle buyers with a credit score of 600 or higher.

Limits interest rates to a maximum of 2% per year for first-time vehicle buyers with a credit score below 600.

Allows consumers charged interest rates exceeding these limits to seek usury redress remedies available under Chapter 478, Hawaii Revised Statutes.

Effective date: January 1, 2026.