HB262

Hawaii HB262 establishes interest rate limits for first-time vehicle purchasers based on credit scores.

Hawaii HB262 amends Chapter 478 of the Hawaii Revised Statutes to introduce new protections for first-time vehicle purchasers. Consumers with a credit score of six hundred or more are eligible for a zero percent interest rate loan. Those with a credit score below six hundred cannot be charged more than two percent interest per year. The Act does not affect existing rights, penalties, or proceedings and will take effect on January 1, 2026. Consumers charged higher interest rates than permitted are entitled to usury redress.