[§211D-1] Definitions.
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/hi/211d-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§211D-1] Definitions. As used in this chapter, unless the context otherwise requires:
"Capital access loan" means a loan that is entitled to be secured by the fund.
"Department" means the department of business, economic development, and tourism.
"Financial institution" includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution.
"Fund" means the Hawaii capital loan revolving fund established in section 210-3.
"Loan" includes a line of credit.
"Medium-sized business" means a corporation, partnership, sole proprietorship, or other legal entity that:
(1)Is domiciled in this State;
(2)Is formed to make a profit; and
(3)Employs one hundred or more but fewer than five hundred full-time employees.
"Nonprofit organization" means a private, nonprofit, tax-exempt corporation, association, or organization listed in section 501(c)(3), Internal Revenue Code of 1986, as amended, that is domiciled in this State.
"Participating financial institution" means a financial institution participating in the program.
"Program" means the capital access program.
"Reserve account" means an account established in a participating financial institution on approval of the department in which money is deposited to serve as a source of additional revenue to reimburse the financial institution for losses on loans enrolled in the program.
"Small business" means a corporation, partnership, sole proprietorship, or other legal entity that:
(1)Is domiciled in this State;
(2)Is formed to make a profit;
(3)Is independently owned and operated; and
(4)Employs fewer than one hundred full-time employees. [L 2000, c 290, pt of §2]
Note
Section 210-3 referred to in the definition of "fund" is repealed.