Haw. Code R. § 15-24-46 - Consideration and review of applications

Current through February, 2022

(a) The authority shall not approve a loan unless the applicant provides reasonable assurance that the loan can and will be repaid pursuant to its terms. Reasonable assurance of repayment shall be based upon consideration of the applicant's record of past earnings or projections of future earnings which indicate that the applicant will be able to repay the loan from the income of the business.
(b) The authority may disapprove the loan for any of the following reasons:
(1) the purpose of the loan does not conform with the provisions of § 15-24-42;
(2) The applicant cannot meet certain practical credit requirements established by the authority;
(3) The applicant's character or financial capability is questionable as determined by the authority; or
(4) The applicant fails to meet other basic criteria deemed necessary in justifying or granting a loan.
(c) Applications meeting the requirements of this chapter shall be reviewed by the staff of the authority or its designated representative for its recommendation before final approval or disapproval by the executive director. This relocation loan program may be administered by the authority or its designated representative, which may include the department of Business, Economic Development & Tourism, or a financial institution.
(d) An applicant shall not be required to pay any fees in connection with filing an application, but shall be required to pay for such costs as appraisals, title searches, documentation of mortgages, and any other work required in processing the loan which is not performed by the authority. When deemed necessary by the authority, an applicant shall be responsible for hiring independent appraisers to determine the value of capital assets or to assess the economic feasibility of a business operation.

Notes

Haw. Code R. § 15-24-46
[Eff 2/11/91] (Auth: HRS §§ 206E-4, 206E-10.5) (Imp: HRS §§ 206E-4, 206E-10.5)

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