(a) No loan shall include any portion or item of loss covered by a contract of insurance or for which the applicant receives assistance from any other federal, state, or county program of disaster relief, and the amount of loans to any one applicant shall in no case exceed $75,000 for a commercial loan and $35,000 for a personal loan.(b) No loan shall be made for a term exceeding twenty years.(c) Each loan shall bear simple interest at the rate of five per cent a year for direct loans and the State's share of participating loans.(d) The commencement date for the repayment of the first installment on principal only for each loan may be deferred for a period of six months from the date of the loan.L 1961, c 189, §16; Supp, § 98P-16; HRS § 209-30; am L 1976, c 205, §1(2); am L 1990, c 71, §1; am L 1993, c 334, §1