reglab/statecodes huggingface dataset:
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-5 - Reserve account

Current through June, 2024
(a) Upon approval
				by the department after entering into a participation agreement, a lender
				making a capital access loan shall establish a reserve account. The reserve
				account may only be used to cover losses arising from a default of a capital
				access loan made by the lender under this chapter or as otherwise provided by
				this chapter.
(b) When a lender
				makes a loan enrolled in the program, the lender shall require the borrower to
				pay the lender a fee not less than two percent (2%) but not more than three
				percent (3%) of the principal amount of the loan, which is deposited into the
				reserve account. The lender shall also deposit in the reserve account an amount
				equal to the amount of the fee received by the lender from the borrower under
				this subsection. The lender may recover from the borrower all or part of the
				amount the lender is required to pay in any manner agreed to by the lender and
				borrower.
(c) Within ten (10)
				working days of the loan origination date of each capital access loan, the
				lender shall certify to the department that the lender has made a capital
				access loan, the amount the lender has deposited in the reserve account,
				including the amount received from the borrower, the number of jobs created or
				affected by the loan and, if applicable, that the borrower is an enrolled
				enterprise zone business under chapter
				209E, HRS, or operates a child care
				facility or adult residential care home, and any other information applicable
				to capital access loans the department may require or request.
(d) Upon satisfactory receipt of a
				certification made under subsection (c), the department will deposit in the
				lender's reserve account for each capital access loan made by the lender:
(1) An amount equal to the amount deposited
				by the lender for each loan if the lender:
(A) Has assets of more than one billion
				dollars ($1,000,000,000); or
(B)
				Has previously enrolled loans in the program that in the aggregate are more
				than two million dollars ($2,000,000);
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-6 - Limitations on department contribution to reserve account

Current through June, 2024
(a)
				The amount deposited by the department into lenders' reserve account for any
				single loan recipient may not exceed $100,000 during a three-year
				period.
(b) The maximum amount the
				department may deposit into a reserve account for each capital access loan made
				under this chapter is the lesser of $35,000 or an amount equal to:
(1) Eight percent (8%) of the loan amount if:
(A) The borrower is an enrolled enterprise
				zone business under chapter
				209E, HRS; or
(B) The borrower is a small or medium-sized
				business or a nonprofit organization that operates or proposes to operate a
				child care facility or adult residential care home; or
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-7 - State's rights with respect to reserve account

Current through June, 2024
(a) All of
				the money in a reserve account established under this chapter is property of
				the State.
(b) The State is
				entitled to earn interest on the amount of contributions made by the
				department, borrower, and lender to a reserve account under this chapter. The
				department shall withdraw monthly or quarterly from a reserve account the
				amount of the interest earned by the State. The department shall deposit the
				amount withdrawn under this section into the fund.
(c) If the amount in a reserve account
				exceeds thirty-three percent (33%) of the balance of the lender's outstanding
				capital access loans, the department may withdraw the excess amount and deposit
				the amount in the fund. A withdrawal of money authorized under this subsection
				may not reduce an active reserve account to an amount that is less than
				$200,000.
(d) The department shall
				withdraw from the reserve account the total amount deposited in the account and
				any interest earned on the account, and deposit the amount in the fund when:
(1) A lender is no longer eligible to
				participate in the program or a participation agreement entered into under this
				chapter is terminated without renewal by the department or the lender;
				and
(2) The lender has no
				outstanding capital access loans.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-8 - Claims Process

Current through June, 2024
(a) The lender
				shall exercise reasonable care and diligence in its collection efforts on all
				capital access loans. The minimum standard of care to be exercised by the
				lender in its collection efforts on capital access loans shall be no less than
				the standard of care exercised by the lender in its collection efforts on its
				conventional business loans.
(b)
				The lender may submit to the department a claim form seeking reimbursement for
				losses actually incurred on a capital access loan only after:
(1) The lender has exhausted all legal
				remedies against the borrower and all guarantors, including, but not limited to
				the garnishment, seizure, foreclosure, repossession, and liquidation of all
				collateral;
(2) The lender has
				charged off the capital access loan in accordance with the lender's usual and
				customary practice and policy for charging off its conventional business loans;
				and
(3) The lender makes a good
				faith determination that any further collection efforts would be futile, and no
				longer economically feasible.
The amount of the claim for reimbursement shall be limited
				  to the amount of principal charged off that is covered under the program as
				  described in section
				  15-3-4(b),
				  together with accrued interest, and any out-of-pocket collection expenses
				  reasonably incurred.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-9 - General reporting requirements

Current through June, 2024
(a) A lender shall
				submit an annual report to the department by January 10, which report shall
				include, but is not limited to:
(1)
				Information regarding the lender's outstanding capital access loans, capital
				access loan losses, and any other information on capital access loans the
				department may require or request;
(2) Information regarding the total amount of
				loans made, or held by the lender for which the department has made a
				contribution under this chapter;
(3) A copy of the lender's most recent
				financial statement;
(4)
				Information regarding the type and size of businesses and nonprofit
				organizations with capital access loans; and
(5) Any other relevant information and
				reporting required or requested by the department.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 3 - CAPITAL ACCESS PROGRAM › Section 15-3-10 - State liability prohibited

Current through June, 2024
Neither the State nor the department shall be liable to a
				  lender for payment of the principal, the interest, or any late charges on a
				  capital access loan made under this chapter.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-1 - Purpose

Current through June, 2024
The purpose of this chapter is to provide rules governing
				  implementation of the disaster commercial and personal loan program authorized
				  by part III of chapter 209, Hawaii Revised Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-2 - Definitions

Current through June, 2024
As used in this chapter, unless a different meaning clearly
				  appears in the context:
"Department" means the department of planning and economic
				  development;
"Director" means the director of planning and economic
				  development;
"Financial institution" includes, but is not limited to,
				  private banks and other private lending institutions whose regular course of
				  business entails the making of commercial, industrial, and personal
				  loans;
"Loan program" means the disaster commercial and personal
				  loan program authorized by part III of chapter 209, Hawaii Revised Statutes, as
				  implemented by this chapter, for disaster relief and rehabilitation loans to be
				  made with funds available in the state disaster revolving loan fund established
				  by section
				  209-34,
				  Hawaii Revised Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-3 - Implementation of loan program

Current through June, 2024
The director may make loans only after the occurrence of a
				  State disaster, as defined by section
				  209-1(1),
				  Hawaii Revised Statutes, and only upon receiving the governor's determination
				  to effectuate the loan program, as provided by section
				  209-2,
				  Hawaii Revised Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-4 - Purpose of loans

Current through June, 2024
(a) Commercial
				loans may be made by the director for the purposes set forth by section
				209-28(a),
				Hawaii Revised Statutes.
(b)
				Personal loans may be made by the director for the purposes set forth by
				section
				209-28(b),
				Hawaii Revised Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-5 - Direct and participation loans

Current through June, 2024
(a) The director
				may make two types of loans:
(1) Loans wholly
				from state funds, to be known as direct loans; and
(2) Loans made in participation with one or
				more financial institutions, to be known as participation loans.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-6 - Agreements with financial institutions

Current through June, 2024
(a) The director
				may negotiate contracts with financial institutions upon reasonable terms for
				their participation with the department in making loans pursuant to this
				chapter.
(b) A participation
				agreement with a financial institution shall provide that at least ten per cent
				of the total loan be comprised of funds from the financial institution. The
				financial institution's share of the disbursement of funds of any loan shall
				bear the same ratio as its participation in the total amount of the
				loan.
(c) A participation agreement
				may provide that the financial institution undertake to service the
				loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-7 - Eligibility for loans

Current through June, 2024
Loans may be made to individuals, partnerships,
				  corporations, cooperatives, or other business associations, but only if the
				  applicant suffered loss of or damage to property in a rehabilitation area as a
				  result of a state disaster. In addition, the following requirements shall be
				  met:
(1) For a personal loan, the
				applicant shall provide evidence that the applicant has reasonable ability to
				repay the loan, and shall present a suitable program for meeting necessary
				expenses and satisfying the serious needs of the applicant and the applicant's
				family;
(2) For a commercial loan,
				the applicant shall provide the following written evidence:
(A) That the applicant had operated an
				industrial, manufacturing, processing, wholesaling or retailing business, or
				professional or service business, or building rental business, immediately
				before the disaster;
(B) That the
				applicant has a suitable program for rehabilitation or reestablishment of the
				applicant's business to the same level as it had been before the
				disaster.
(C) That the applicant
				has reasonable ability to repay the loan; and
(D) That the United States Small Business
				Administration has denied the applicant financial assistance under its disaster
				loan program or reduced the amount of loan requested and such denial or
				reduction was not due to the applicant's having sufficient financial resources
				to rehabilitate the applicant's business; or, in the alternative, that the
				applicant cannot secure any loans from the Small Business Administration
				disaster loan program and the applicant is not able to secure loans from
				financial institutions and does not have sufficient financial resources to
				rehabilitate the applicant's business.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-8 - Loan applications; procedure and content

Current through June, 2024
(a) The
				following procedure shall govern the manner in which loan applications shall be
				filed and received.
(1) The applicant shall
				complete a state disaster loan application form which shall be available in the
				department's offices and in such other locations as publicized by the
				department;
(2) The applicant shall
				file the application form with the economic development division of the
				department or with such other agencies or at such locations as publicized by
				the department.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-9 - Deadline for submitting applications

Current through June, 2024
Applications for loans shall be submitted in accordance with
				  the deadline set by the governor or, if no date is set, no later than six
				  months from the date of the governor's proclamation declaring a state
				  disaster.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-10 - Terms of loans

Current through June, 2024
(a) No loan shall
				include any portion or item of loss covered by an insurance contract or for
				which the applicant has received assistance from any other federal, state, or
				local program of disaster relief.
(b) The amount of loans to any one applicant
				shall not exceed $25,000 in state funds for a commercial loan and shall not
				exceed $5,000 in state funds for a personal loan.
(c) No loan shall be made for a term
				exceeding twenty years.
(d) 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.
(e) The director may defer the commencement
				date for repayment of the first installment on principal for each loan for a
				period of six months from the date of the loan; the commencement date for
				payment of interest pay not be deferred.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-11 - Security for loans

Current through June, 2024
The director shall not require any security for a loan if
				  the applicant can show to the director's satisfaction that none is available.
				  However, when property other than personal property and inventory is purchased
				  with loan funds, a mortgage or pledge of such property shall be required as
				  security for the loan. The director may permit the mortgage or pledge to be
				  subordinated to the lien of a financial institution or government lending
				  agency in the event the subordination should become necessary for the borrower
				  to secure additional funds.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-12 - Conditions of loans

Current through June, 2024
Every applicant who is granted a loan shall comply with the
				  conditions set forth by section
				  209-32,
				  Hawaii Revised Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 4 - DISASTER COMMERCIAL AND PERSONAL LOAN PROGRAM › Section 15-4-13 - Default

Current through June, 2024
If an applicant is in default of any term or condition in
				  any loan agreement or mortgage made pursuant to this chapter, or if the
				  applicant fails to comply with any provisions of part III, chapter 209, Hawaii
				  Revised Statutes, the director may demand, and shall be entitled to payment of
				  the unpaid balance of the loan, including interest. The director may foreclose
				  any mortgage by any method provided by law.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-1 - Purpose

Current through June, 2024
The purpose of this chapter is to provide rules governing
				  implementation of the Hawaii innovation development program authorized by
				  chapter
				  211E, Hawaii Revised
				  Statutes.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-2 - Definitions

Current through June, 2024
As used in this chapter, unless a different meaning clearly
				  appears in the context:
"Advisory committee" means the committee appointed by the
				  director, pursuant to section
				  211E-4, HRS,
				  to advise the director on applications for loans;
"Department" means the department of planning and economic
				  development;
"Director" means the director of planning and economic
				  development;
"Financial institution" means banks and other lending
				  institutions whose regular course of business includes the making of commercial
				  and industrial loans.
"Innovation" means any new product or invention;
"Invention" means any new process or technique for which a
				  patent has been granted; or which, in the opinion of the advisory committee,
				  has a favorable chance of obtaining a patent;
"Inventor" means any resident taxpayer subject to the
				  jurisdiction of the laws of the State of Hawaii who develops an
				  innovation;
"Loan" means a direct loan made by the department, or a loan
				  in which the State participates with financial institutions;
"Product" means any product, device, technique, or process,
				  which is or may be exploitable commercially. This term shall not refer to pure
				  research but shall be construed to apply to such products, devices, techniques,
				  or processes which have advanced beyond the theoretical stage and are readily
				  capable of being, or have been reduced to practice;
"State" means the State of Hawaii.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-3 - Purpose of program

Current through June, 2024
The purpose of the Hawaii innovation development program is
				  to promote the development of new or substantially modified products or
				  inventions that have direct economic benefits for Hawaii by providing loans to
				  applicants for the development of their product or invention.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-4 - Types of loans; policy on direct and participation loans

Current through June, 2024
(a)
				The department may make two types of loans:
(1) Direct loans; and
(2) Participation loans made in conjunction
				with loans made by other financial institutions, including private and/or
				public financial loan programs.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-5 - Purpose of loans

Current through June, 2024
(a) The department
				may make loans to applicants to develop new or substantially modified products
				or inventions. The loans shall be for the purpose of financing acquisition of
				equipment, machinery, materials, or supplies, or for product
				development.
(b) Loans shall not be
				granted in any of the following instances:
(1) Where the direct or indirect purpose or
				result of granting the loan would be to:
(A)
				Pay off a creditor or creditors of the applicant who are inadequately secured
				and are in a position to sustain a loss; or
(B) Provide funds, directly or indirectly,
				for payment, distribution, or as a loan to owners, partners, or shareholders of
				the applicant's business; or
(C)
				Refund a debt owed to a small business investment company; or
(D) Replenish funds heretofore used for any
				of the purposes stated in this paragraph; or
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-6 - Eligibility requirements

Current through June, 2024
To be eligible for consideration for a loan, an applicant
				  shall be required to meet the following criteria:
(1) The applicant is not able to obtain the
				desired loan on reasonable terms from two financial institutions of which one
				shall be the institution currently dealt with.
(2) The applicant furnishes information to
				show that the applicant has the ability to repay the loan out of income from
				the venture;
(3) The purpose of the
				loan is in conformity with the provisions of section
				15-5-5;
(4) The applicant furnishes information to
				show that the invention or product does not or will not infringe on another
				person's patent rights or copyrights; and
(5) The applicant has clear title to the
				invention or product.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-7 - Application procedure

Current through June, 2024
(a) Before applying
				to the department, an applicant shall make every effort to obtain the loan from
				a financial institution. If the applicant is unable to obtain the loan from a
				financial institution, the applicant shall ascertain whether a financial
				institution, would be willing to make the loan in participation with the
				department.
(b) All persons
				applying for loans shall utilize the department's loan application form or an
				appropriate loan application form from a financial institution or the U.S.
				Small Business Administration and shall furnish such financial statements as
				may be required by the department.
(c) The application form shall be submitted
				first to the applicant's financial institution currently dealt with. If the
				applicant cannot obtain a direct loan or if the financial institution declines
				to make a participation loan, the application shall then be submitted to at
				least one other financial institution before it is submitted to the
				department.
(d) All financial
				statements submitted by an applicant shall show the applicable date of the
				information given and shall be signed and certified by an applicant or an
				authorized representative of the applicant. The department may require an
				audited statement. The department may also require that financial statements
				accompanying applications include balance sheets and profit and loss statements
				for the past two tax years, if applicable.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-8 - Consideration and review of applications

Current through June, 2024
(a) Applications
				for loans shall be considered only when the requirements of section
				15-5-6 have
				been met and there is evidence that the loan is not available on reasonable
				terms from other sources. The loan applied for shall be deemed to be otherwise
				available on reasonable terms, unless the applicant provides proof of refusal
				of all or a part of the required loan from the financial institutions of which
				one should be the institution currently dealt with. Proof of refusal shall
				contain the date of application, amount requested, and the financial
				institution's reasons for not granting the desired loan and shall be signed by
				an authorized official of the financial institution. The financial
				institution's refusal to advance credit shall not be considered the full test
				of unavailability of credit. Where there is reason to believe that credit is
				otherwise available from sources other than the financial institution, the loan
				applied for may not be granted notwithstanding the receipt of a written refusal
				from the financial institution.
(b)
				The department need not consider an application for a loan if the amount of
				loan required is obtainable:
(1) On
				reasonable terms through the public offering or private placing of securities
				by the applicant; or
(2) Through
				the disposal at fair price of assets not required by the applicant in the
				conduct of its existing business or not reasonably necessary to its potential
				healthy growth; or
(3) Without
				undue hardship through utilization of the personal credit or resources of the
				applicant; or
(4) Through other
				applicable financing.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-9 - Preferences and priorities in granting loans

Current through June, 2024
(a) In granting
				loans, the department shall be guided by the nature of the product or invention
				and the potential economic advantage it offers the State or the increased job
				creation the loan will provide.
(b)
				Priority consideration shall be given to a participation loan over a direct
				loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-10 - Maximum loan amount; loan terms and restrictions

Current through June, 2024
(a) Each
				participating loan to any one applicant shall be no more than ninety per cent
				of the total loan amount, and shall not exceed $100,000 in state
				funds.
(b) Each direct loan to any
				one inventor shall not exceed $100,000 in state funds.
(c) The director shall determine the extent
				and kinds of security required for each loan. When loans are secured, the
				security may be subordinated to direct loans made by financial
				institutions.
(d) The director may
				prescribe a form of financial participation with the applicant including, but
				not limited to, warrants, options, or royalties on sales or earnings, in
				addition to direct loan repayment.
(e) No loan shall be granted for a period
				exceeding ten years.
(f) Each loan
				shall bear a simple interest rate of seven and one-half per cent a year or any
				other rate established by law.
(g)
				The director shall determine the commencement date for the repayment of the
				first installment. The director may defer the initial payment on the principal
				and interest payments be deffered in excess of two years from date of issuance
				of the loan.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-11 - Inspection of premises and records

Current through June, 2024
The department shall have the right to inspect, at
				  reasonable hours, the plant, physical facilities, equipment, premises, books,
				  and records of any applicant either in connection with the processing of a loan
				  application or in the administration of a loan granted to that applicant. When
				  appropriate, the department will prescribe management counseling and will
				  monitor the business activities.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-12 - Reports required of borrowers

Current through June, 2024
During the life of the loan, the applicant shall submit to
				  the department written reports showing progress of development, funds expended,
				  and expected developmental milestones at the next reporting period, at such
				  reporting frequencies as may be established by the director.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-13 - Default

Current through June, 2024
(a) Loans that are three installments in
				arrears shall be considered in default. The borrower shall also be considered
				to be in default for failure to comply with any term or condition of the loan
				authorization, loan agreement, or mortgage. If the borrower is in default, the
				entire loan, plus accrued interest, at the option of the director, shall become
				due and payable. The director may foreclose any mortgage by any method provided
				by law. Any expense incurred by the department for recovering moneys shall be
				borne by the borrower.
(b) Loans in
				default shall be referred to the state attorney general for collection and
				action if the department is not able to obtain payment.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 5 - HAWAII INNOVATION DEVELOPMENT PROGRAM › Section 15-5-14 - Advisory committee

Current through June, 2024
The director may appoint an advisory committee of at least
				  three and not more than seven members to advise the director on the technical
				  aspects of the new or substantially modified products or inventions. The
				  director shall designate the chairperson and vice-chairperson of the advisory
				  committee and the terms that each member shall serve on the
				  committee.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 1 - GENERAL PROVISIONS › Section 15-6-1 - Purpose

Current through June, 2024
The purpose of this chapter is to provide rules for
					 administration of the state enterprise zones program authorized by chapter
					 209E, Hawaii Revised Statutes ("HRS").
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-3 - Eligibility criteria for zone nomination

Current through June, 2024
(a) To be
				  designated as an enterprise zone, a proposed area shall be located within one
				  United States census tract or two or more contiguous United States census
				  tracts in accordance with the most recent decennial United States Census. The
				  census tract or tracts within which each enterprise zone is located also shall
				  meet at least one of the following requirements:
(1) At least twenty-five per cent of the
				  population of each census tract shall have a median family income below eighty
				  per cent of the median family income of the county in which the census tract is
				  located; or
(2) The unemployment
				  rate in each census tract shall be at least 1.5 times the state average
				  unemployment rate.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-4 - Procedure for zone nomination by counties

Current through June, 2024
(a) Nominations for
				  enterprise zone designation shall be made by the governing body of each
				  county.
(b) For each proposed
				  enterprise zone, the governing body of the county shall submit an application
				  which includes:
(1) A written description of
				  the boundaries of the proposed zone;
(2) A map identifying the proposed enterprise
				  zone boundaries relative to the boundaries of the census tracts that will be
				  fully or partially included in the zone; and relative to the state land use
				  district classifications, publicly held lands, and county general plan and/or
				  development plan classifications; and
(3) A statement indicating the local
				  incentives proposed by the county. Each county may propose incentives which it
				  will make generally available throughout the zone or available only to certain
				  types of businesses for limited periods of time.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-5 - Procedure for state review of zone nominations

Current through June, 2024
(a) The
				  application shall be reviewed by the department within sixty days of receipt of
				  the completed application. Within ninety days of receipt, the director shall
				  recommend for approval by the governor those applications which meet the
				  requirements set forth by statute and these rules.
(b) The governor shall approve, upon
				  recommendation of the director, enterprise zone status for a twenty-year period
				  beginning on the date of approval. The amendment of the zone status under
				  section
				  15-6-7
				  shall not extend the twenty-year period.
(c) A county whose application for zone
				  designation is denied shall be notified and provided with the reasons for
				  denial.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-6 - Zone selection criteria and other requirements

Current through June, 2024
(a) In its
				  recommendations to the governor, the department shall consider the economic
				  condition of the area, the potential benefits which may accrue to the State and
				  counties from business and industrial development in the area, and the need and
				  potential for job creation in the area.
(b) A maximum of six areas in each county may
				  be designated as enterprise zones.
(c) If any portion of an area designated as a
				  state enterprise zone is subsequently included in an area designated as an
				  enterprise zone by an agency of the federal government, the state enterprise
				  zone shall be enlarged to include the area designated by the federal
				  government.
(d) Upon designation of
				  an area as an enterprise zone, the State and any agency of a political
				  subdivision that owns any land within the enterprise zone may make available
				  for sale or lease, under appropriate law, all land within the zone not
				  designated or targeted for public use with the condition that it be developed
				  as defined in this chapter. No public land shall be sold or leased if the
				  intended purpose of the sale or lease is real estate speculation.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-7 - Procedure for amendment of zone status by counties

Current through June, 2024
(a) A county
				  may request amendment (or termination--see following section) of zone
				  applications by submitting a written notification in accordance with the
				  procedures contained in sections
				  15-6-4,
				  15-6-5,
				  and
				  15-6-6.
				  Requests for amendments will be considered if the amendments relate to:
(1) Changes in local program
				  incentives;
(2) Changes of zone
				  boundaries; or
(3) Termination of
				  the zone.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 2 - APPLICATION FOR, SELECTION CRITERIA, AND TERMINATION OF ENTERPRISE ZONE STATUS › Section 15-6-8 - Procedure for termination of zone designation by State or counties

Current through June, 2024
(a) A county shall notify the department of
				  any inability or unwillingness to continue any approved local incentives for
				  any zone or zones within the county's jurisdiction. This shall result in
				  termination of any affected zone on the date notification is received by the
				  department. The department shall advise the department of taxation that the
				  zone has been terminated.
(b) If
				  the department determines that a business is qualified to participate in the
				  program prior to the termination of the zone by a county or prior to the zone's
				  expiration at the end of its twenty-year life, the business may be eligible for
				  state tax credits and the state general excise tax exemption for the remainder
				  of the business' qualification period.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 3 - DESIGNATION OF A BUSINESS AS A QUALIFIED BUSINESS; CERTIFICATION BY THE DEPARTMENT › Section 15-6-9 - State criteria used to determine business qualification

Current through June, 2024
(a)
				  To qualify for enterprise zone benefits, a qualified business authorized to do
				  business in the State shall satisfy the following requirements:
(1) Be subject to chapter
				  235, HRS
(2) Be engaged in an eligible business
				  activity, as defined in section []
				  209E-2, HRS;
				  and
(3) [] Meet the requirements
				  under either [] subsection (c) or (d).
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 3 - DESIGNATION OF A BUSINESS AS A QUALIFIED BUSINESS; CERTIFICATION BY THE DEPARTMENT › Section 15-6-14 - Sale of services

Current through June, 2024
(a) Services must
				  be sold and delivered at an establishment of a qualified business engaged in a
				  service business as defined in this chapter, within an enterprise zone within
				  the same county. Where the service business, in the same transaction, engages
				  in both the sale of tangible property and services, the service business shall
				  segregate the sale of services that are exempt under chapter 209E, HRS, from
				  all non-exempt transactions, including the sale of services or of tangible
				  personal property. The service business shall sustain the burden of proving the
				  segregation was properly made. If the service business fails to sustain the
				  burden, the entire transaction shall be subject to the general excise
				  tax.
(b) The application of this
				  section is illustrated in the following examples:
Example 1:
ABC Ship Repair is located in an area designated as an
					 enterprise zone. ABC provides servicing and repair work on ships. ABC provides
					 these services for customers who bring their ships to ABC's place of business.
					 All of ABC's gross receipts are derived from services that are sold and
					 delivered within the zone. Accordingly, ABC will qualify for the income tax
					 credits and general excise tax exemption.
Example 2:
Assume the same facts as in Example 1, except that ABC Ship
					 Repair also repairs ships in an area that is not in an enterprise zone in the
					 county in which ABC is registered in. ABC will have to apportion income
					 received from each type of sale and claim income tax credits and the general
					 excise tax exemption only for services performed within the zones within the
					 same county it is registered in.
Example 3:
Assume the same facts as in Example 2, except that ABC Ship
					 Repair also rents tools that it owns, or alternatively sells specialized tools
					 at retail to customers. ABC Ship Repair will not qualify for the income tax
					 credits and general exercise exemption on these sales as the rental of tools or
					 the sale of tools at retail is not an eligible activity of ABC Ship
					 Repair.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 3 - DESIGNATION OF A BUSINESS AS A QUALIFIED BUSINESS; CERTIFICATION BY THE DEPARTMENT › Section 15-6-15 - Manufacturing

Current through June, 2024
To be eligible for enterprise zone benefits, value must be
					 added to materials or products that are manufactured within the enterprise
					 zone.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 3 - DESIGNATION OF A BUSINESS AS A QUALIFIED BUSINESS; CERTIFICATION BY THE DEPARTMENT › Section 15-6-16.5 - Force majeure event

Current through June, 2024
a) A force majeure
				  event may be accepted by the department by:
(1) An official announcement or declaration
				  by a federal official or agency; or
(2) An official announcement or declaration
				  by a state official or agency.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 4 - ADMINISTRATION › Section 15-6-17 - Administration

Current through June, 2024
(a) The department is authorized to implement
				  and enforce the rules of this chapter.
(b) The department shall conduct a continuing
				  evaluation of the enterprise zones program and submit an annual report to the
				  governor and each county within the first quarter of each subsequent
				  year.
(c) The department shall
				  advise each county in regard to accumulation of data, the zone nomination
				  process, business eligibility criteria, and possible local
				  incentives.
(d) The department
				  shall monitor the program to assure adherence to these rules, the effectiveness
				  of local incentives, and that the purpose of the program is upheld.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 6 - ENTERPRISE ZONES › Subchapter 4 - ADMINISTRATION › Section 15-6-19 - Severability

Current through June, 2024
If any part, section, sentence, clause, or phrase of this
					 chapter, or its application to any person, transaction, or other circumstance,
					 is for any reason held to be unconstitutional or invalid, the remaining parts,
					 sections, sentences, clauses, and phrases of this chapter, or its application
					 to other persons, transactions, or circumstances shall not be
					 affected."
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 8 - FOREIGN-TRADE ZONE NO › Section 15-8-1 - Purpose

Current through June, 2024
The purpose of this chapter is to provide rules governing
				  the operation of foreign-trade zone no. 9 pursuant to authority delegated to
				  the director by the governor.
Hawaii Administrative Rules › Title 15 - DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM › Department of Business, Economic Development and Tourism › Chapter 8 - FOREIGN-TRADE ZONE NO › Section 15-8-2 - Definitions

Current through June, 2024
As used in this chapter, unless a different meaning clearly
				  appears in the context:
"Department" means the department of planning and economic
				  development;
"Director" means the director of planning and economic
				  development;
"Office hours" means from 8:00 a.m. to 4:30 p.m., Monday
				  through Friday, except holidays;
"Tariff" means the zone's Tariff No. 1 as amended;
"Zone" means foreign-trade zone no. 9 of the
				  department;
"Zone users directives" means procedural clarifications of
				  tariff and operating policies and procedures established by the director or a
				  designated representative pursuant to requirements of the U.S. Foreign-Trade
				  Zones Board, U.S. Customs Regulations, U.S. Internal Revenue Service
				  Regulations, and of other governmental agencies.