Hawaii Revised Statutes Division 2. Business § 412:10-403

(a) The interest rates on loans shall be determined by the board of directors, subject to the following:

(b) The board may also authorize any refund of interest on such classes of loans and under such conditions as it prescribes.

(c) If a greater rate of interest than that permitted under this article is contracted for in any loan under this article, the loan shall not, by reason thereof, be void. But, if in any action on the loan, proof is made that a greater rate of interest than that permitted by law has been directly or indirectly contracted for, the credit union shall only recover the amount actually received by the borrower in cash, credit or the equivalent thereof plus the charges, if any, which were properly charged to the borrower and which have not been deducted from the principal amount of the contract or otherwise paid by the borrower. The borrower shall only recover costs. If interest has been paid, judgment shall be for the recoverable amount less the amount of interest paid.Sections 478-5 and 478-6 shall not apply to loans made under this article by credit unions.