Haw. Code R. § 4-8-25 - Administration

(a) The division shall have the following powers:

(1) To accept and process applications for all types of loan applications as provided in chapter 155, Hawaii Revised Statutes;

(2) To disapprove loan applications in all cases where disapproval is based upon the applicant's inability to meet the requirements, purposes, and policies of the agricultural loan program;

(3) To make personal risk investigations in connection with loan applications;

(4) To close loans and disburse loan proceeds;

(5) To collect amounts due on loans;

(6) To have borrowers maintain insurance policies and coverage in sufficient amounts to protect the State's security interests in the loans;

(7) To determine when to file claim against estates of deceased borrowers and to file proper claims;

(8) To recommend for board action final determination as to foreclosure of direct loans and to determine the date of call in such cases; and

(9) To invest idle funds in time certificates of deposit and other investments authorized by the department of budget and finance;

(b) The chairperson shall have the following powers:

(1) To execute legal documents on the board's behalf after official policy-making determinations have been decided by the board;

(2) To approve applications for release of personal liability;

(3) To approve change in use of loan funds and installment dates, loan transfers, assignment of loans, loan workouts and assumptions, partial releases, and subordinations;

(4) To approve sales of repossessed real estate and chattels, or offers of settlement, purchase of State-owned real estate, or purchase of crops, livestock and other chattels;

(5) To waive and extend loan payments, except in unusual circumstances involving forbearance for specific commodity groups; and

(6) To dispose of insurance proceeds for building, replacement, or repayment on loans, or by release to borrower if for loss of personal property.

Notes

Haw. Code R. § 4-8-25

[Eff 1/31/85; comp 9/20/86] (Auth: HRS § 155-4) (Imp: HRS §§ 155-4, 155-13, 155-14)