§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

 

  This section states common law rule. 8 H. 742.

  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. Effect of express promise to pay interest at a specified time. 36 H. 571, 598.