Haw. Code R. § 15-24-51 - Default

Current through February, 2022

(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, the entire balance plus accrued interest, at the option of the executive director, shall become due and payable. The executive director may foreclose any mortgage by any method provided by law. Any expense incurred by the authority for recovering of monies shall be borne by the borrower.
(b) Loans in default shall be referred to the state attorney general for collection and action if the authority is not able to obtain payment.

Notes

Haw. Code R. § 15-24-51
[Eff 2/11/91] (Auth: HRS §§ 206E-4, 206E-10.5) (Imp: HRS §§ 206E-4, 206E-10.5)

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