HAR §15-24-51
HAR §15-24-51. Default
Cite as Haw. Code R. § 15-24-51
(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.
[Eff
2/11/91]
(Auth:
HRS
§§206E-4, 206E-10.5) (Imp:
HRS §§206E-4, 206E-10.5)
§§15-24-52 to 15-24-55
Reserved.