Section 15-2-12 - 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, the whole of the loan, at the option of the director, shall become due and payable. The director may foreclose any mortgage by any method provided by law. Any expense incurred by the department for recovering of moneys shall be borne by the borrower.(b) Loans in default shall be referred to the state attorney general for collection and action if the department is not able to obtain payment.[Eff. JUL 6 1981; am and comp DEC 21 1989] (Auth: HRS § 210- 4, § 210-5) (Imp: HRS § 210-5)