Amends definition of "principal balance."

A BILL FOR AN ACT

SECTION 1. Section 476-1, Hawaii Revised Statutes, is amended by amending the definition of "principal balance" to read as follows:

""Principal balance" means the sum of the cash price less the amount of the buyer's down payment, plus any other amounts, including any amounts actually to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest, lien, or lease interest on property traded in, that are financed by the seller and are not part of the finance charge."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.