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Hawaii Revised Statutes Division 3. Property; Family § 514D-11

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Except as otherwise provided by this chapter, the authority shall determine the recipient, amount, or interest rate of a loan under this part or the fees or other requirements related to the loan.

(b) To qualify as a loan under this part, a loan shall:

(1) Be made to a condominium association that has:

(A) Received at least one letter from a financial institution declining the condominium association's eligibility for a loan to address maintenance or insurance coverage issues;  and

(B) Obtained full replacement property and hurricane insurance coverage or intends to do so as a condition of any financing received;

(2) Meet the limitations and conditions under section 514D-5;  and

(3) Meet other criteria established by the authority by rules adopted pursuant to chapter 91.

(c) For a line of credit to qualify for participation in the condominium loan loss reserves program, a line of credit shall:

(1) Be an account at a participating community development financial institution under which the community development financial institution agrees to lend money to a qualified condominium association from time to time to finance one or more projects that are authorized by this chapter;  and

(2) Contain the same restrictions, to the extent possible, that are placed on a loan that is not a line of credit.

(d) A loan under this part may be sold on the secondary market under conditions as may be determined by the participating community development financial institution with the consent of the authority.

(e) When enrolling a loan in the condominium loan loss reserves program, a participating community development financial institution may specify an amount to be covered under the condominium loan loss reserves program that is less than the amount allowed under section 514D-12(b).

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 3. Property; Family § 514D-11 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-3-property-family/hi-rev-st-sect-514d-11/

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