Haw. Code R. § 15-120-13 - Default
(a) Loans that are three installments in
arrears shall be considered in default. The borrower shall also be considered
to be in default for failure to comply with any term or condition of the loan
authorization, loan agreement, or mortgage. If the borrower is in default, then
at the option of the director, the entire balance plus accrued interest shall
become due and payable. The director may foreclose any mortgage by any method
provided by law. Any expense incurred by the department in recovering the
monies shall be borne by the borrower.
(b) Loans in default shall be referred to the
state attorney general for collection and law action if the department is not
able to obtain payment.
Notes
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