HRS §211D-4
Rulemaking authority
This section lets the department make rules to run the program and says what a line of credit must look like to qualify. It also allows groups of financial institutions to join under shared rules. The section is mostly about procedures and eligibility details.
businessesfinancial institutions
The statute, as written — Rulemaking authority
(a) The department shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this chapter. The rules may: (1) Provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the program; and (2) Authorize a consortium of financial institutions to participate in the program subject to common underwriting guidelines. (b) To qualify for participation in the program, a line of credit shall: (1) Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this chapter; and (2) Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.