HAR §17-2028-4. Asset transfers

(a) All assets transferred or assigned from an applicant or tenant to another person, within a two year period prior to submitting an application for the program or reexamination shall be included in determining an applicant’s assets. (b) In determining assets, the authority shall include the value of any business or assets disposed of by an applicant or tenant for less than fair market value (including a disposition in trust, but not in a foreclosure or a bankruptcy sale) during the two years preceding the date of the application for the program or reexamination, as applicable, in excess of the consideration received therefore. In the case of a disposition as part of a separation or divorce settlement, the disposition will not be considered to be for less than fair market value if the applicant or tenant receives important consideration not measurable in dollar terms. [Eff 7/21/05; am and comp 9/4/07; am and comp MAY24 2U14 I (Auth: HRS §356D-4, 356D-13) (Imp: 24 C.F.R. §5.603; HRS §356D-4, 356D-13, 356D- 31)