§211D-4 - Rulemaking authority. - Hawaii Statutes

     [§211D-4]  Rulemaking authority.  (a)  The department shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this chapter.  The rules may:

     (1)  Provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the program; and

     (2)  Authorize a consortium of financial institutions to participate in the program subject to common underwriting guidelines.

     (b)  To qualify for participation in the program, a line of credit shall:

     (1)  Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this chapter; and

     (2)  Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit. [L 2000, c 290, pt of §2]