Hawaii Administrative Rules › Title 17 - DEPARTMENT OF HUMAN SERVICES › Department of Human Services › Chapter 675 - ASSETS › Subchapter 1 - GENERAL PROVISIONS › Section 17-675-2 - Definitions

Current through June, 2024
For the purpose of this chapter:
"Asset" means cash and any other personal property, as well
					 as real property, that an individual or family:
(1) Owns;
(2) Has the right, authority, or power to
				  convert to cash (if not already cash); and
(3) Is not legally restricted from using for
				  the individual's or family's support and maintenance.
"Automobile" means a passenger car or other motor vehicle
					 used to provide transportation of persons or goods.
"Domestic violence victim" means an individual who has been
					 battered or otherwise subjected to extreme cruelty. Acts which constitute
					 domestic violence include but are not limited to the following:
(1) Physical acts that resulted in, or
				  threatened to result in, physical injury;
(2) Sexual abuse;
(3) Sexual activity involving a dependent
				  child;
(4) Nonconsensual sexual
				  acts;
(5) Threats of, attempts at,
				  physical or sexual abuse;
(6)
				  Mental or emotional abuse;
(7)
				  Medical care deprivation or neglect; or
(8) Stalking.
"Encumbrances" means a financial claim or lien upon real or
					 personal property.
"Equity" means fair market value minus encumbrances against
					 the property.
"Fair market value" means the amount for which an item of
					 real or property is expected to sell on the open market in the geographic area
					 involved and under the existing economic conditions.
"Family" means, for the financial assistance programs only,
					 any person or persons requesting or receiving financial assistance
					 payments.
"Financial institution" means any bank, savings and loan
					 association, credit union, or other similar organization.
"Home" means a dwelling or shelter, including a house,
					 building, tent, motor vehicle, boat, or trailer, which is used as the primary
					 residence of an individual, family, or household.
"Individual development account (IDA)" is a special savings
					 account held at a qualified financial institution which has been established as
					 a trust by or on behalf of an individual eligible for assistance under the AFDC
					 program. An IDA is funded through periodic contributions by the establishing
					 individual and those contributions are matched by or through a non-profit
					 organization. The purpose of an IDA is to enable the individual to accumulate
					 funds that can be used only for post-secondary education, first home purchase,
					 or business capitalization.
"Joint tenancy" means equal, undivided interest in real
					 property by two or more persons throughout each respective owner's life. Upon
					 the death of an owner, title automatically passes to the surviving owner or
					 owners. An owner may sell his or her interest in the property without the
					 consent of the others, but this will break the joint tenancy and change the
					 property ownership to tenancy in common.
"Liquid asset" means, for the financial assistance
					 programs, cash and any other personal property that can be quickly converted to
					 cash. Examples are bank accounts, bonds, and stocks. For the food stamp
					 program, "liquid asset" means cash and other assets excluding personal property
					 that can be quickly converted to cash including, but not limited to, bank
					 accounts, stocks, bonds, and lump sum payments.
"Motor vehicle" means any car, truck, van, camper,
					 motorcycle, or mobile home.
"Nonliquid asset" means, for the food stamp program only,
					 assets that cannot be quickly converted to cash including, but not limited to
					 personal property, vehicles, buildings, and real property.
"Personal property" means any asset that is not real
					 property.
"Real property" means land, buildings and anything else
					 erected on or affixed to the land or buildings.
"SSI" mean the federal supplemental security income program
					 for the aged, blind, and disabled, administered by the Social Security
					 Administration.
"Student" means a child under age nineteen, enrolled in a
					 public or private elementary or secondary school, or equivalent level of
					 vocational or technical training.
"Tenancy" means the right to possession of real property or
					 otherwise, permanently or temporarily, with or without title to the
					 property.
"Tenancy by the entirety" means the ownership of real or
					 personal property jointly by husband and wife, acquired by the couple at the
					 same time through the same legal document. The right of survivorship is
					 automatic. Neither spouse can break the tenancy by conveying or mortgaging his
					 or her interest without the consent of the other spouse. A lien cannot be
					 placed against the interest of an individual spouse in this type of property
					 ownership. The ownership changes to tenancy in common with the dissolution of
					 the marriage.
"Tenancy in common" means ownership of property may not be
					 equal. Each person's interest can be sold without the consent of the other
					 owners.