Section 15-161-54 - Limitations on transfer, use and eligibility The corporation shall provide for:
(1) The increase in the interest rate charged on the eligible loan to a rate not to exceed the interest rate allowed at the time the original loan was made for loans insured by the Federal Housing Administration or guaranteed with the Veterans Administration, or the Farmers Home Administration; or(2) Acceleration of all payments due under the mortgage and loan covering the eligible loan if the:(A) Eligible borrower conveys or transfers the property described in the mortgage to any person other than an eligible borrower. However, transfer of title will be permitted for estate planning purposes provided that the eligible borrower remain clearly identifiable and in occupancy during the term of the mortgage;(B) Eligible borrower rents or fails to occupy the property described in the mortgage as the eligible borrower's permanent and primary residence;(C) Eligible borrower fails to abide by any agreements executed by the eligible borrower for the purpose of the eligible loan; or(D) Corporation finds that any statement made by the eligible borrower in the eligible loan application to be false; provided if it is necessary for the purchase of mortgages insured by the Federal Housing Administration or guaranteed by the Veterans Administration or the Farmers Home Administration, the requirements above may be amended by the corporation, to conform to the requirements of the Federal Housing Administration, Veterans Administration, and Farmers Home Administration.[Eff OCT 25 1999] (Auth: HRS §§ 2016-184, 2016-187) (Imp: HRS § 2016-184)