Section 15-120-13 - Default(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, then at the option of the director, the entire balance plus accrued interest shall become due and payable. The director may foreclose any mortgage by any method provided by law. Any expense incurred by the department in recovering the monies shall be borne by the borrower.(b) Loans in default shall be referred to the state attorney general for collection and law action if the department is not able to obtain payment.[Eff MAY 15 2020] (Auth: HRS § 210D-8) (Imp: HRS § 210D-8)