reglab/statecodes huggingface dataset:
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-15.2 Research and development program established.

§206M-15.2 Research and development program established.
(a) There is established within the development corporation, the research and development program, to help Hawaii-based small businesses optimize research and development performed in Hawaii.
(b) Subject to available funds, the research and development program shall:
(1) Apply funds to support product development, technology transfer, and commercialization;
(2) Provide capital to support accelerated commercialization activities for qualified Hawaii-based small businesses;
(3) Provide capital to sustain high-potential infrastructure development to assist qualified Hawaii-based small businesses towards commercial success;
(4) Promote efforts that reverse the loss of qualified workers to other states by providing jobs to retain existing Hawaii technology employees and enable highly qualified scientists and engineers to return to living-wage jobs in Hawaii;
(5) Promote efforts that keep technology companies in Hawaii by limiting the need to seek out-of-state venture capital, which dilutes local ownership and increases the probability of high-potential technology companies moving from Hawaii; and
(6) Provide grants of up to $300,000 for critical product development that enables a qualified Hawaii-based small business to achieve significant product development and technical milestones.
(c) To receive funding, a Hawaii-based small business shall submit to the development corporation proof of the federal research and development tax credits received. Proof shall be in the form of copies of the small business Internal Revenue Service Form 6765 Credit for Increasing Research Activities as filed. The business shall be eligible to receive a grant in an amount equal to the average of the federal tax credit for the prior three tax years.
(d) In reviewing grant applications pursuant to this section, the development corporation shall analyze each application to determine whether the item to be undertaken will be economically viable and beneficial to the State.
(e) The development corporation may adopt rules pursuant to chapter 91 necessary to carry out the purposes of this section.
(f) For purposes of this section:
"Hawaii-based small business" means a company:
(1) Headquartered in the State;
(2) Doing business in the State for not less than five years; and
(3) Employing fifteen or more residents with income subject to taxation pursuant to chapter 235.
"Resident" shall have the same meaning as in section 235-1. [L 2018, c 141, pt of §2; am L Sp 2021, c 9, §30]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-15.5 Technology special fund.

§206M-15.5 Technology special fund.
There is established in the state treasury a fund to be known as the technology special fund, into which shall be deposited, except as otherwise provided by section 206M-17:
(1) Any appropriations or other funds required to be deposited by law; and
(2) All moneys, fees, and equity from tenants, qualified persons, or other users of the development corporation's economic zones, projects, other leased facilities, and other services and publications;
provided that the total amount of moneys in the fund shall not exceed $300,000 at the end of any fiscal year. All moneys in the fund are appropriated for the purposes of and shall be expended by the development corporation for the operation, maintenance, and management of its economic zones, projects, facilities, services, and publications, and to pay the expenses in administering the special purpose revenue bonds of the development corporation or in carrying out its project agreements. [L 1989, c 274, pt of §1; am L 2000, c 72, §20 and c 297, §28; am L 2016, c 76, §3; am L 2017, c 69, §5; am L 2019, c 56, §16; am L 2022, c 55, §2]
Note
L 2017, c 69, §9 provides:
"SECTION 9. This Act shall not affect the validity of any contract, lease, rule, other document, or appropriation that uses the term "high technology development corporation" or "high technology special fund.""
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-16 Exemption of development corporation from taxation and competitive bidding.

§206M-16 Exemption of development corporation from taxation and competitive bidding.
(a) All revenues and receipts derived by the development corporation from any project or economic zone or under a project agreement or other agreement pertaining thereto shall be exempt from all state and county taxation. Any right, title, and interest of the development corporation in any project or economic zone shall also be exempt from all state and county taxation. Except as otherwise provided by law, the interest of a qualified person or other user of a project or economic zone under a project agreement or other agreements related to a project or economic zone shall not be exempt from taxation to a greater extent than it would be if the costs of the project or economic zone were directly financed by the qualified person or user.
(b) The development corporation shall not be subject to any requirement of law for competitive bidding for project agreements, construction contracts, lease and sublease agreements, or other contracts unless a project agreement with respect to a project or economic zone shall so require. [L 1983, c 152, pt of §2; am L 1989, c 274, §4; am L 2000, c 72, §21; am L 2022, c 55, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-17 Revenue bond fund accounts.

§206M-17 Revenue bond fund accounts.
The development corporation shall establish separate special funds in accordance with section 39-62 for the deposit of the proceeds of special purpose revenue bonds and special facility revenue bonds authorized under this part and [part III] respectively. The development corporation shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes:
(1) To pay when due all special purpose revenue bonds and special facility revenue bonds, premiums, if any, and interest thereon, for the payment of which the revenues are or have been pledged, charged, or otherwise encumbered, including reserves therefor; and
(2) To the extent not paid by the qualified person to provide for all expenses of administration, operation, and maintenance of the project, including reserves therefor.
Unless and until adequate provision has been made for the foregoing purposes, the development corporation shall not transfer the revenues derived from the project agreement to the technology special fund of the State. [L 1983, c 152, pt of §2; am L 1993, c 280, §16; am L 2000, c 72, §22; am L 2017, c 69, §5]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-19 Court proceedings; preferences.

§206M-19 Court proceedings; preferences.
Any action or proceeding to which the development corporation, the State, or a county may be party, in which any question arises as to the validity of this chapter, shall be preferred over all other civil causes, except election cases, without respect to position on the calendar. The same preference shall be given upon application of counsel for the development corporation in any action or proceeding questioning the validity of this chapter in which the development corporation has duly intervened. [L 1983, c 152, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-20 Construction of this chapter.

§206M-20 Construction of this chapter.
The powers conferred by this chapter shall be in addition and supplemental to other powers conferred by any other law. This chapter shall constitute and be enabling legislation for the development corporation, as an agency and instrumentality of the State, to issue special purpose revenue bonds in accordance with the provisions of the Constitution of the State of Hawaii and this chapter. Insofar as the provisions of this chapter are inconsistent with the provisions of any other law, this chapter shall be controlling. [L 1983, c 152, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-21 Confidentiality of trade secrets or the like; disclosure of financial information.

§206M-21 Confidentiality of trade secrets or the like; disclosure of financial information.
(a) Notwithstanding chapters 92, 92F, or any other law to the contrary, any documents or data made or received by any member or employee of the corporation shall not be a public record to the extent that the material or data:
(1) Consists of trade secrets;
(2) Consists of commercial or financial information regarding the operation of any business conducted by an applicant for, or recipient of, any form of assistance that the corporation is empowered to render; or
(3) Relates to the competitive position of that applicant in a particular field of endeavor;
provided that if the corporation purchases a qualified security from an applicant, the commercial and financial information, excluding confidential business information, shall be deemed to become a public record of the corporation. If the information is made or received by any member or employee of the corporation after the purchase of the qualified security, it shall become a public record three years from the date the information was made or received.
(b) Any discussion or consideration of trade secrets or commercial or financial information shall be held by the board, or the subcommittee of the board, in executive sessions closed to the public; provided that the purpose of any such executive session shall be set forth in the official minutes of the corporation, and business that is not related to that purpose shall not be transacted nor shall any vote be taken during the executive sessions. [L 2000, c 297, pt of §22(1)]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-22 Limitation on liability.

§206M-22 Limitation on liability.
Chapters 661 and 662 or any other law to the contrary notwithstanding, nothing in this chapter shall create an obligation, debt, claim, cause of action, claim for relief, charge, or any other liability of any kind whatsoever in favor of any person or entity, against the State or its officers and employees, without regard to whether that person or entity receives any benefits under this chapter. The State and its officers and employees shall not be liable for the results of any investment, purchase of securities, loan, or other assistance provided pursuant to this chapter. Nothing in this chapter shall be construed as authorizing any claim against the corporation in excess of any note, loan, or other specific indebtedness incurred by the corporation or in excess of any insurance policy acquired for the corporation or its employees. [L 2000, c 297, pt of §22(1)]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-23 Hydrogen implementation coordinator.

§206M-23
Hydrogen implementation coordinator.
(a) The director of the Hawaii center for advanced transportation technologies of the development corporation shall serve as the state hydrogen implementation coordinator.
(b) The state hydrogen implementation coordinator, under the delegated authority of the chief energy officer of the Hawaii state energy office, shall facilitate the establishment of infrastructure and policies across all agencies of the State to promote the expansion of hydrogen-based energy in Hawaii. [L 2015, c 98, §1, am L 2019, c 122, §3]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-24 Sustainable aviation fuel program; established.

§206M-24 Sustainable aviation fuel program; established.
(a) There is established the sustainable aviation fuel program, through which the development corporation may provide matching grants to any small business in the State that is developing products related to sustainable aviation fuel or greenhouse gas reduction from commercial aviation operations and requires assistance for any of the following items:
(1) Business planning;
(2) Technology development;
(3) Engineering; or
(4) Research.
(b) In reviewing grant applications pursuant to this section, the development corporation shall analyze each application to determine whether the item to be undertaken will be economically viable and beneficial to the State.
(c) For the purposes of the program, product development activities eligible for matching funds grants shall reduce commercial aviation greenhouse gas emissions through:
(1) Sustainable aviation fuel production;
(2) Airborne operations fuel efficiency;
(3) Ground support equipment fuel replacement;
(4) Ground support equipment fuel efficiency; or
(5) Airport operations support to reduce overall jet fuel consumption.
(d) Hawaii jet fuel baseline carbon intensity shall be set at eighty-nine grams of carbon dioxide equivalent per megajoule, in line with the benchmark established by the International Civil Aviation Organization. This carbon intensity may be revised upon recommendation from the Hawaii state energy office based upon future revisions to the United States Department of Energy's Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation full life-cycle model; provided that carbon intensity shall be measured in the units of grams of carbon dioxide equivalent per megajoule.
(e) For the purposes of this section:
"Grant" means financial assistance provided to Hawaii small business innovation research, small business technology transfer, and other agency and private sector awardees and applicants under the terms and conditions provided in this chapter.
"Hawaii small business innovation research", "small business technology transfer", and "sustainable aviation fuel program" means the programs administered by the development corporation to encourage participation by enterprises in federal research and development programs.
"Other agency" means an entity that receives an award or contract granted by the United States Departments of Agriculture, Transportation, Energy, Defense, or Commerce, or other federal agencies for activities consistent with those defined in this section.
"Small business" shall have the same meaning as in section 201M-1.
"Sustainable aviation fuel" means ASTM International D7566-compliant renewable aviation turbine fuel derived from biofuels, as defined in section 269-91, and with a greenhouse gas lifecycle carbon intensity lower than the baseline for jet fuel defined by the International Civil Aviation Organization. [L 2021, c 180, §2; am L 2022, c 109, §4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-41 Definitions.

Revision Note
Enacted as part II, this part was renumbered as part III pursuant to §23G-15.
§206M-41 Definitions.
As used in this part, unless the context clearly requires otherwise:
"Special facility" means one or more buildings, structures, or facilities and the land thereof located in an economic zone for the technology industry, including, without limitation, facilities for technology research, development, support, processing, and manufacturing, which are the subject of a special facility lease.
"Special facility lease" includes a contract, lease, or other agreement, or any combination thereof, the subject matter of which is the same special facility.
"Special facility revenue bonds" means all bonds, notes, and other instruments of indebtedness of the State issued pursuant to this part and part III of chapter 39. [L 2000, c 72, pt of §1; am L 2017, c 69, §5; am L 2022, c 55, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-42 Powers.

§206M-42 Powers.
In addition to any other powers granted to the development corporation by law, the development corporation may:
(1) Without compliance with chapter 103D, but with the approval of the governor, enter into a special facility lease or an amendment or supplement thereto whereby the development corporation agrees to acquire, construct, improve, install, equip, and develop a special facility solely for the use by another party to a special facility lease;
(2) With the approval of the governor, issue special facility revenue bonds in principal amounts that may be necessary to yield the amount of the cost of any acquisition, construction, improvement, installation, equipping, and development of any special facility, including, subject to paragraph (6), the costs of acquisition of the site thereof; provided that the total principal amount of the special facility revenue bonds which may be issued pursuant to the authorization of this section shall not exceed $100,000,000;
(3) With the approval of the governor, issue refunding special facility revenue bonds with which to provide for the payment of outstanding special facility revenue bonds (including any special facility revenue bonds theretofore issued for this refunding purpose) or any part thereof; provided any issuance of refunding special facility revenue bonds shall not reduce the principal amount of the bonds that may be issued as provided in paragraph (2);
(4) Perform and carry out the terms and provisions of any special facility lease;
(5) Notwithstanding section 103-7 or any other law to the contrary, acquire, construct, improve, install, equip, or develop any special facility, or accept the assignment of any contract therefor entered into by the other party to the special facility lease;
(6) Construct any special facility on land owned by the State; provided that no funds derived herein shall be expended for land acquisition; and
(7) Agree with the other party to the special facility lease whereby any acquisition, construction, improvement, installation, equipping, or development of the special facility and the expenditure of moneys therefor shall be undertaken or supervised by another person. [L 2000, c 72, pt of §1; am L 2004, c 216, §28; am L 2006, c 292, §10]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-43 Findings and determinations for special facility leases.

§206M-43 Findings and determinations for special facility leases.
The development corporation shall not enter into any special facility lease unless the development corporation, at or prior to the entering into of the special facility lease, shall find and determine:
(1) That the building, structure, or facility that is to be the subject of the special facility lease shall not be used to provide services, commodities, supplies or facilities that are then adequately being made available otherwise in the State;
(2) That the use or occupancy of the building, structure, or facility under the special facility lease would not result in the reduction of the revenues derived from the economic zones or other properties of the development corporation to an amount below the amount required to be derived therefrom by section 39-61; and
(3) That the entering into of the special facility lease would not be in violation of or result in a breach of any covenant contained in any resolution or certificate authorizing any bonds of the State then outstanding. [L 2000, c 72, pt of §1; am L 2022, c 55, §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-61 Strategic development programs; purpose; powers.

§206M-61 Strategic development programs; purpose; powers.
The purpose of the strategic development programs is to encourage economic development and diversification in Hawaii through innovative actions in cooperation with private enterprises. The development corporation shall establish programs to stimulate private capital investment in Hawaii toward investments that promote the welfare of citizens in this State, economic growth, employment, and economic diversification. The development corporation may use public funds to provide incentives to private investment activity, by co-investing public funds in private financial organizations to increase the impact of the public investment while utilizing the investment acumen of the private sector, and by using public funds to reduce the risks of private investments. The development corporation shall have the flexibility to provide various types of financial assistance. When providing financial assistance, the development corporation shall make provision for the recovery of its expenditures, as far as possible. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-62 Strategic development programs revolving fund.

§206M-62 Strategic development programs revolving fund.
There is established the strategic development programs revolving fund. The following moneys shall be deposited into the strategic development programs revolving fund and shall not be considered part of the general fund: all moneys appropriated by the legislature, received as repayments of loans, earned on investments, received pursuant to a venture agreement, received as royalties, received as premiums or fees charged by the development corporation, or otherwise received by the development corporation. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-63 Hydrogen investment special fund.

§206M-63 Hydrogen investment special fund.
(a) There shall be established the hydrogen investment special fund, into which shall be deposited:
(1) Appropriations made by the legislature to the fund;
(2) All contributions from public or private partners;
(3) All interest earned on or accrued to moneys deposited in the special fund; and
(4) Any other moneys made available to the special fund from other sources.
(b) Moneys in the fund shall be expended by the development corporation:
(1) To provide seed capital for and venture capital investments in private sector and federal projects for research, development, testing, and implementation of the Hawaii renewable hydrogen program, as set forth in section 196-10; and
(2) For any other purpose deemed necessary to carry out the purposes of section 196-10. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-64 Contracts for services necessary for management and operation of the strategic development programs.

§206M-64 Contracts for services necessary for management and operation of the strategic development programs.
The development corporation may contract with others, public or private, for the provision of all or a portion of the services necessary for the management and operation of the strategic development programs. The development corporation may use all appropriations, grants, contractual reimbursements, and all other funds not appropriated for a designated purpose to pay for the proper general expenses and to carry out the purposes of the strategic development programs. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-66 Business and industry evaluation and priorities for job opportunity and economic development.

§206M-66 Business and industry evaluation and priorities for job opportunity and economic development.
The development corporation shall develop procedures to set priorities as to which types of businesses and industries are most likely to provide significant opportunities for economic development and diversification in the State, consistent with the purposes of this subpart. This evaluation shall take into account the guidelines provided by the state plan for economic development. Based on these findings, the development corporation shall establish targets by which the operations and programs of the development corporation under this part shall be guided. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-67 Confidentiality of trade secrets or the like; disclosure of financial information.

§206M-67 Confidentiality of trade secrets or the like; disclosure of financial information.
Notwithstanding chapter 92, 92F, or any other law to the contrary, any documents or data made or received by any member or employee of the development corporation under this part, to the extent that the material or data consist of trade secrets, commercial or financial information regarding the operation of any business conducted by an applicant for, or recipient of, any form of assistance that the development corporation is empowered to render, or regarding the competitive position of that applicant in a particular field of endeavor, shall not be a public record; provided that if the development corporation purchases a qualified security from an applicant, the commercial and financial information, excluding confidential business information, shall be deemed to become a public record of the development corporation. If the information is made or received by any member or employee of the development corporation after the purchase of the qualified security, it shall become a public record three years from the date the information was made or received. Any discussion or consideration of trade secrets or commercial or financial information, shall be held by the board, or any subcommittee of the board, in executive sessions closed to the public; provided that the purpose of any such executive session shall be set forth in the official minutes of the development corporation and business which is not related to that purpose shall not be transacted, nor shall any vote be taken during the executive sessions. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-68 Requests for assistance from the development corporation; procedure.

§206M-68 Requests for assistance from the development corporation; procedure.
(a) The board shall approve or disapprove requests for assistance within ninety days of receiving a written application under this part. Upon written request by an applicant, the board may reconsider its denial of an application for assistance or may waive the ninety-day deadline for approving or disapproving an application.
(b) Any person who submits any statement, report, application, or other document to the development corporation under this part that is known to the person to be false in any material respect shall be guilty of a class C felony.
(c) The development corporation may condition any assistance of any type under this part by placing restrictions on the recipient in regard to the recipient's assets or indebtedness or in any other manner deemed appropriate by the development corporation. A recipient who accepts assistance from the development corporation under this part shall be deemed to agree to be bound by any conditions or restrictions imposed by the development corporation. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-70 Limitations on debt owed to the development corporation.

§206M-70 Limitations on debt owed to the development corporation.
Not more than $5,000,000 in financial assistance, excluding rights and royalties under a venture capital agreement, shall be provided to any one enterprise at any time under this part. The direct investments of the development corporation shall not exceed five per cent of the assets of the development corporation, excluding rights and royalties under a venture capital agreement; provided that by a two-thirds vote of the board, this amount may be increased to a limit of twenty-five per cent of the total assets of the development corporation. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-71 Limitation on liability.

§206M-71 Limitation on liability.
Chapters 661 and 662 or any other law to the contrary notwithstanding, nothing in this part shall create an obligation, debt, claim, cause of action, claim for relief, charge, or any other liability of any kind whatsoever in favor of any person or entity, without regard to whether that person or entity receives any benefits under this part, against the State or its officers and employees. The State and its officers and employees shall not be liable for the results of any investment, purchase of securities, loan, or other assistance provided pursuant to this part. Nothing in this part shall be construed as authorizing any claim against the development corporation in excess of any note, loan, or other specific indebtedness incurred by the development corporation or in excess of any insurance policy acquired for the development corporation or its employees. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-72 HI growth initiative; report to legislature.

§206M-72 HI growth initiative; report to legislature.
The development corporation shall submit an annual report to the legislature no later than twenty days prior to the convening of a regular session on the specific annual outcome achieved through the activities and expenditures of the HI growth initiative. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-75 Seed capital investments.

§206M-75 Seed capital investments.
Subject to this subpart, the development corporation may invest in:
(1) A certified development company under sections 501 to 503 of the Small Business Investment Act of 1958 (15 U.S.C. 695 to 697) and the regulations adopted under those sections;
(2) A small business investment company under the Small Business Investment Act (15 U.S.C. 631 to 634, 636 to 649) and the regulations adopted under those sections;
(3) A minority enterprise small business investment corporation or equivalent venture capital corporation;
(4) A similar entity that may leverage its capital under a federal program; or
(5) A seed capital fund or partnership. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-76 Purposes and terms of investments.

§206M-76 Purposes and terms of investments.
(a) Investments may be used for any purpose consistent with the purposes and objectives of this part, including but not limited to:
(1) Developing a working prototype;
(2) Preparing a development plan;
(3) Performing an initial market analysis;
(4) Organizing a management team; and
(5) Any other purpose reasonably related to an economic development project.
(b) Investments may be made on such terms and conditions as the development corporation shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this part. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-78 Venture capital investments.

§206M-78 Venture capital investments.
Subject to this subpart, the development corporation may invest in:
(1) A certified development company under sections 501 to 503 of the Small Business Investment Act of 1958 (15 U.S.C. 695 to 697) and the regulations adopted under those sections;
(2) A small business investment company under the Small Business Investment Act (15 U.S.C. 631 to 634, 636 to 649) and the regulations adopted under those sections;
(3) A minority enterprise small business investment corporation or equivalent venture capital corporation;
(4) A similar entity that may leverage its capital under a federal program; or
(5) A venture capital fund or partnership. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-79 Purposes and terms of investments.

§206M-79 Purposes and terms of investments.
(a) Investments may be used for any purpose consistent with the purposes and objectives of this part.
(b) Investments may be made on such terms and conditions as the development corporation shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this part. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-81 Financial assistance.

§206M-81 Financial assistance.
The development corporation, through the program for capital access, may:
(1) Procure insurance, a guarantee, or a letter of credit from any source for all or a part of a loan, debenture, or lease of others, public or private, or a revenue bond issue of the State or other entity or authority authorized by law to issue revenue bonds; and
(2) Procure insurance, a guarantee, or a letter of credit for either a single loan, debenture, or lease or for any combination of loans, debentures, or leases, or a single revenue bond issue or for all or a part of any combination of revenue bond issues. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-82 Purposes and priorities required in the procuring of insurance, loan guarantees, or letters of credit.

§206M-82 Purposes and priorities required in the procuring of insurance, loan guarantees, or letters of credit.
(a) Insurance, guarantees, or letters of credit procured pursuant to section 206M-81 shall be procured only for economic development projects within the State that are consistent with the purposes and objectives of this part.
(b) The development corporation shall give paramount priority in procuring insurance, guarantees, and letters of credit to economic development projects that have the greatest potential for creating new jobs or retaining current jobs within the State. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-83 Conditions for procuring of insurance, loan guarantees, or letters of credit.

§206M-83 Conditions for procuring of insurance, loan guarantees, or letters of credit.
(a) Insurance, guarantees, or letters of credit shall not be procured pursuant to section 206M-81 unless the development corporation is assured that the loans, debentures, or leases insured, or guaranteed, or for which letters of credit are issued, shall be used to assist economic development projects that also have significant private sector financial support.
(b) Insurance, guarantees, or letters of credit may be procured on such terms and conditions as the development corporation, in its sole discretion, shall determine to be reasonable, appropriate, and consistent with the purposes and objectives of this part.
(c) The development corporation shall charge the lender or the borrower, or both, a fee or premium for procuring loan, debenture, or lease insurance, guarantee, or a letter of credit. Rules for premiums or fees shall be established by the corporation. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-84 Program for capital access participation agreements.

§206M-84 Program for capital access participation agreements.
The development corporation shall enter into agreements with lenders for participation in the program for capital access that shall include but not be limited to:
(1) Authorization for the lender to determine, collect, and transmit to the development corporation a fee or premium charge within a specified range established consistent with the purposes and objectives of the development corporation;
(2) Specification of whether the premium charge shall be paid by the lender, the borrower, the development corporation, or by a combination thereof in specified proportions;
(3) The procedure by which a lender may make a claim upon the development corporation upon default by the borrower, and the conditions under which a claim may be made; and
(4) The maximum amount of claims a lender may make upon the development corporation, which amount may be equal to or less than the proportion of the total premiums contributed by the development corporation. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 206M. High Technology Development Corporation › 206M-85 Establishment of special funds to secure loan insurance obligations; source of funds.

§206M-85 Establishment of special funds to secure loan insurance obligations; source of funds.
The development corporation may establish a special fund or funds for capital access into which fees or premiums collected by the development corporation are deposited. [L 2019, c 56, pt of §2]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-1 Authorization for loans.

Note
Part heading amended by L 1971, c 192, §2.
§207-1 Authorization for loans.
The director of finance may grant loans as provided for in this part to persons leasing or purchasing state lands for their personal residential needs. Loans may be granted only to eligible persons as provided for in this part who occupy state land by virtue of leases or agreements of sale executed after July 13, 1961. [L 1961, c 194, §2; am L 1963, c 114, §1; Supp, §98L-2; HRS §207-1]
Cross References
Disaster relief commercial loans, see chapter 209, part III.
Public lands for natural disaster victims, see chapter 171, part IIIC.
Residential development by State, see chapter 206.
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-2 Qualifications for loans.

§207-2 Qualifications for loans.
To qualify for a loan under this part an applicant must:
(1) Be of legal age and have at least one person who will occupy the premises with the applicant and who is related to the applicant by blood or marriage and solely dependent upon the applicant for support. A husband and wife, who are both employed, shall jointly qualify for a loan;
(2) Be a resident of the State for not less than one year immediately preceding the application for the loan;
(3) Have a gross annual income not in excess of $7,000 including the gross income of the applicant's spouse; and
(4) Have such other qualifications as may be established by the director of finance. [L 1961, c 194, §3; am L 1963, c 114, §1; Supp, §98L-3; HRS §207-2; gen ch 1985]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-3 Purpose for and terms of loans.

§207-3 Purpose for and terms of loans.
[(a)] Loans of state funds made pursuant to this part may be granted only for construction of residences upon the premises. Loans shall be secured by a mortgage which may be subordinate only to another mortgage given to a lending institution as security for a loan for the purpose provided above. Loans shall be made to relieve the burden of the required down payment or to extend the period over which monthly payments would be required upon a finding that the applicant's income would not otherwise reasonably support such payments.
[(b)] Loans shall not exceed twenty-five per cent of the cost of the improvements, and in no case shall any loan exceed $5,000. The director of finance shall by appropriate regulation establish the interest rate on the state loan and may authorize repayment upon such terms as the director of finance deems appropriate but in no case shall the payments extend beyond forty years. [L 1961, c 194, §4; am L 1963, c 114, §1; Supp, §98L-4; HRS §207-3; gen ch 1985]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-4 Contract with lending institution.

§207-4 Contract with lending institution.
The director of finance may, and as far as practicable shall, contract with lending institutions for the processing of applications for loans of state funds and the servicing of these loans. The servicing shall be performed only by the lending institution which makes the loan for the principal cost of construction. In furtherance of the purposes of this part the contract may provide for the loan of state funds to be repaid after the funds of the lending institution are repaid in full and for payment to lending institutions for servicing the State's portion of the total loan and may include other terms deemed appropriate by the director of finance. [L 1961, c 194, §5; am L 1963, c 114, §1; Supp, §98L-5; HRS §207-4]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-5 Rules and regulations.

§207-5 Rules and regulations.
The director of finance may adopt, amend, or repeal such rules and regulations governing the granting of loans and other related functions as the director of finance considers necessary or suitable. The rules and regulations when approved by the governor and made in accordance with chapter 91 shall have the force and effect of law. [L 1961, c 194, §6; am L 1965, c 96, §82; Supp, §98L-6; HRS §207-5; gen ch 1985]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-6 Bond authorization.

§207-6 Bond authorization.
The director of finance may with the approval of the governor, issue from time to time general obligation bonds pursuant to chapter 39, part I not exceeding $500,000 for the granting of loans pursuant to the purposes of this part. [L 1961, c 194, §7; am L 1963, c 114, §1; Supp, §98L-7; HRS §207-6]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-11 Definitions.

§207-11 Definitions.
As used in this part:
"Employee benefit plan" means any plan, fund, or program which was heretofore or is hereafter established in and under the laws of a state other than Hawaii by an employer or by an employee organization, or both, for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or annuity contracts or otherwise, medical, surgical, or hospital care or benefits, or benefits in the event of sickness, accident, disability, death, or unemployment, or retirement benefits, and includes any profit-sharing plan which provides benefits at or after retirement. As used in the preceding sentence, the term "employee organization" means any labor union or any organization of any kind, or any agency or employee representation committee, association, group, or plan in which employees participate and which exists for the purpose, in whole or in part, of dealing with employers concerning an employee benefit plan or other matters incidental to employment relationships or any employees' beneficiary association organized for the purpose, in whole or in part, of establishing such a plan.
"Foreign lender" means:
(1) "A depository institution" as defined in section 501(a)(2) of the federal Depository Institutions Deregulation and Monetary Control Act of 1980, a "real estate investment trust" as defined in the Internal Revenue Code, an insurance company, the principal office of which is in another state, whether incorporated or unincorporated and whether acting in its individual capacity or in a fiduciary capacity;
(2) The trustee or trustees from time to time in office of any employee benefit plan;
(3) A lender approved by the Secretary of the United States Department of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act;
(4) Any corporation of which all of the capital stock (except the directors' qualifying shares) is owned by one or more foreign lenders specified in paragraphs (1), (2), and (3); and
(5) Any corporation of which all of the capital stock (except for the directors' qualifying shares) is owned by one or more foreign lenders specified in paragraph (4);
provided that the term "foreign lender" does not include any financial services loan company licensed under article 9 of chapter 412.
"Loans" means obligations secured by liens upon real property, or any interest in real property, situated in this State, which liens may also cover such personal property as is or may from time to time be affixed or attached to or located on or in or about the real property or any improvements thereon or thereto, and include obligations secured by liens upon real property or interests therein situated both within and without this State.
"State" means any of the United States, the District of Columbia, Guam, the Commonwealth of Puerto Rico, and Virgin Islands. [L 1961, c 194, §8; Supp, §98L-8; HRS §207-11; am L 1970, c 4, §1; am L 1983, c 61, §1; am L 1989, c 266, §3; am L 1993, c 350, §8; am L 2017, c 12, §24]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-13 Permitted activities.

§207-13 Permitted activities.
The activities referred to in section 207-12 are:
(1) Making loans;
(2) Receiving security for loans;
(3) Acquiring, by assignment or otherwise, partial or entire interests in loans or in security for loans;
(4) Servicing (but servicing only by or through individuals who are residents of, or corporations doing business in, this State), collecting, enforcing, or otherwise realizing upon loans or upon security for loans or upon interests therein; and taking, holding, and disposing of any property acquired (whether by purchase at any sale pursuant to foreclosure by suit or foreclosure under power of sale, or by foreclosure by entry, or by conveyance in lieu of foreclosure) in enforcement of the rights of the foreign lender in the event of default by any borrower; and
(5) Empowering agents and servants or in connection with, and entering into and performing contracts, and doing other acts and things necessary or appropriate for or preliminary or incident to, any of the foregoing activities, but not maintaining any office in this State for the conduct of any such activities. [L 1961, c 194, §10; Supp, §98L-10; HRS §207-13; am L 2017, c 12, §26]
2023 Hawaii Revised Statutes › Title 13. Planning and Economic Development › 207. Mortgage Loans › 207-16 Construction.

§207-16 Construction.
Nothing in this part shall require any corporation to qualify to do business in this State, or subject any person, firm, corporation, or trust to taxation under any law of this State if, but for the enactment of this chapter, the person, firm, corporation, or trust would not have been required so to qualify or be subject to such taxation. [L 1961, c 194, §13; Supp, §98L-13; HRS §207-16]