§476-4  Specific requirements of credit sale
contracts.  (a)  Every credit sale contract which provides for the
extension of open-end credit primarily for a personal, family, or household
purpose shall disclose the annual percentage rate of the finance charge to be
imposed under the contract, the circumstances under which the finance charge
will be imposed, and an explanation of how the finance charge will be
determined.



(b)  Every credit sale contract which provides
for the extension of closed-end credit primarily for a personal, family, or
household purpose shall disclose the following items as applicable:



(1)  The amount financed, which is the principal
balance less any prepaid finance charge;



(2)  A written itemization of the amount financed, or
a statement that the buyer has the right to receive a written itemization of
the amount financed, together with space for the buyer to indicate whether it
is desired;



(3)  The finance charge;



(4)  The total of payments; and



(5)  The total sale price.



Additional items may be included in the
contract to explain the calculations involved in determining the stated total
of payments to be paid by the buyer.



(c)  Every credit sale contract which complies
with the disclosure requirements of the federal Truth in Lending Act as of the
date upon which the contract is executed shall be deemed to comply with the
disclosure provisions of this section. [L 1961, c 102, pt of §1; Supp, §201A-3;
HRS §476-3; am and ren L 1984, c 86, pt of §1]



 



Revision Note



 



  In subsection (c), "this section" substituted for
"section 476-3".