Section 17-675-65 - Disposal of assets for less than fair market value in financial assistance programs(a) Any applicant who disposed of any assets valued at an aggregate of more than $5,000, for less than fair market value, within the preceding twenty-four months shall be ineligible for financial assistance if the applicant disposed of the assets for the purpose of establishing eligibility for financial assistance. (1) Any such disposal shall be presumed to be for the purpose of establishing eligibility for financial assistance unless the applicant proves by a preponderance of evidence that the transfer was for some other purpose;(2) The value of the asset shall be the fair market value at time of disposal less the amount of compensation received for the asset, if any; and(3) The period of ineligibility shall be determined by dividing the proceeds for the liquidated property that would have been used to meet the applicant's needs by two hundred per cent of the department's standard of assistance for the family in the month of application. The standard of assistance shall be 62.5 per cent of the standard of need as defined in section 17-678-4. The period of ineligibility shall be not more than twenty-four months.(b) Any recipient who disposes of any assets valued at an aggregate of more than $5,000 for less than fair market value, shall be ineligible for financial assistance for the period of time the proceeds for the liquidated property would have been used to meet two hundred per cent of the family's needs according to the department's standard of assistance for the family. The period of ineligibility shall be not more than twenty four months.[Eff 3/19/93; am 9/26/97] (Auth: HRS § 346-53) (Imp: HRS §§ 346-34, 346-53)