(a) The sums received by the division pursuant to section 454F-41 for deposit into the mortgage loan recovery fund shall be held by the commissioner or the commissioner’s designee to carry out the purpose of the mortgage loan recovery fund. These funds may be invested and reinvested in the same manner as funds of the state employees’ retirement system.
Terms Used In Hawaii Revised Statutes 454F-43
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(b) The commissioner or the commissioner’s designee, as the manager of the mortgage loan recovery fund, shall be authorized to expend moneys from the fund to retain private legal counsel to represent the commissioner in any action involving the mortgage loan recovery fund.
