Section 15-169-17 - Funding for loan The following procedure is established for loans made under this chapter:
(1) No funds shall be authorized for release until the financial institution has provided the corporation with the required documentation which verifies the borrower's eligibility for a loan under this chapter;(2) The corporation shall arrange for the loan funds to be available at the designated escrow company on the eligible borrower's loan closing date; and(3) Funds shall be disbursed by check made payable to the financial institution and shall be applied toward the eligible borrower's downpayment. [Eff OCT 25 1999] (Auth: HRS §§ 2016-4, 2016-321) (Imp: HRS § 2016-321)