Hawaii Revised Statutes 155-5.5 – Loans guaranteed by the department
Current as of: 2024 | Check for updates
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Terms Used In Hawaii Revised Statutes 155-5.5
- Cooperative: means a nonprofit association of farmers organized under chapter 421. See Hawaii Revised Statutes 155-1
- Food manufacturers: means entities that process Hawaii-grown agricultural products or that utilize Hawaii-grown agricultural products as an ingredient in the manufacturing process. See Hawaii Revised Statutes 155-1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Private lender: includes banks, savings and loan associations, credit unions, mortgage companies, and other qualified companies whose business includes the making of loans in the State. See Hawaii Revised Statutes 155-1
- Qualified farmer: means a person of proven farming ability who operates the person's own farm on land owned by the person in fee or on land rented or leased from others and who is presently devoting, has recently devoted, or intends to devote most of the person's time or who derives a major portion of the person's net cash income from direct participation in farming in its broadest sense. See Hawaii Revised Statutes 155-1
This fee may be paid by the borrower as a cost for the loan.