Haw. Code R. § 4-8-29 - Waiver of payment and extension
(a) When inability
to meet a scheduled payment is caused by a natural catastrophe, depressed
prices, or other external factors beyond the borrower's control, the borrower
may request the department for a waiver of payment. In its discretion, the
department may grant the waiver. A waiver is normally for a limited period of
six months or less at which time the borrower's situation shall be reviewed by
the division. The department shall not grant a waiver where reasonable
assurance of repayment in the future is lacking, collateral for the loan will
be jeopardized, or where the borrower otherwise has not complied with the loan
requirements.
(b) Upon request for
waiver, the chairperson may grant an extension for more than six months where
the division finds that:
(1) The borrower
cannot meet payment schedule even after a waiver of six months, because of
prolonged natural or economic disaster;
(2) The borrower cannot meet more than fifty
per cent of its annual payment; and
(3) The borrower would require a period of
one year or longer to recover from the effects of depressed prices, natural
catastrophe, or other external factors beyond borrower's control.
(c) If the department grants an
extension, the extension may be subject to any one or more of the following
conditions:
(1) The borrower shall agree to
special conditions with regard to extension.
(2) The interest on the borrower's existing
loans from the department shall be brought to current status.
(3) The borrower shall make monthly payments
on the existing loans from the department through an assignment of
income.
(4) There shall be a year
end analysis and review of the borrower's financial status.
Notes
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