Haw. Code R. § 15-4-11
Current through November, 2024
The director shall not require any security for a loan if the applicant can show to the director's satisfaction that none is available. However, when property other than personal property and inventory is purchased with loan funds, a mortgage or pledge of such property shall be required as security for the loan. The director may permit the mortgage or pledge to be subordinated to the lien of a financial institution or government lending agency in the event the subordination should become necessary for the borrower to secure additional funds.
Haw. Code R. § 15-4-11