HAR §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 8-14 (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. [Eff 1/31/85; comp 9/20/86] (Auth: HRS §155-4) (Imp: HRS §§155-4, 155-13, 155-14)