§478-5 [OLD] REPEALED. L 1986, c 137, pt of §1.

§478-5 Usury not recoverable. If a greater rate of interest than that permitted by law is contracted for with respect to any consumer credit transaction, any home business loan or any credit card agreement, the contract shall not, by reason thereof, be void. But if in any action on the contract proof is made that a greater rate of interest than that permitted by law has been directly or indirectly contracted for, the creditor shall only recover the principal and the debtor shall recover costs. If interest has been paid, judgment shall be for the principal less the amount of interest paid. This section shall not be held to apply, to loans made by financial services loan companies and credit unions at the rates authorized under and pursuant to articles 9 and 10 of chapter 412. [CC 1859, §1483; am L 1898, c 4, §4; RL 1925, §3588; am L 1931, c 137, §1; RL 1935, §7053; am L 1939, c 75, pt of §1(6782 W); RL 1945, §8734; RL 1955, §191-4; am L 1957, c 95, §1; HRS §478-4; am L 1984, c 253, §10; ren and am L 1986, c 137, pt of §1; am L 1989, c 266, §3; am L 1993, c 350, §26]