§364-1 Definitions. As used herein:

"Director" means the director of finance.

"Mortgagee" means a financial institution which is the mortgagee of a veterans mortgage and which has been certified by the director as being eligible to sell veterans mortgages to the director and adequately equipped to service them.

"Service" of a veterans mortgage, or "servicing" a veterans mortgage includes the collection of, and the attempting to collect all sums payable on the veterans mortgage; the depositing of all such collections in accounts for the State; notification to the director that the mortgaged premises are damaged or vacant; periodic inspection of the mortgaged premises and notification to the director concerning the condition thereof; notification to the director of all veterans mortgages that are delinquent for nonpayment of one or more monthly installments; and the using of due diligence to protect the mortgaged property and to prevent the attachment to the mortgaged property of any liens superior thereto.

"Veteran" means any person entitled under federal legislation to obtain a veterans mortgage.

"Veterans administrator" means the administrator of veterans affairs of the United States or the administrator's successor.

"Veterans mortgage" means a mortgage loan made to a veteran and guaranteed by the veterans administrator pursuant to sections 501 and 502 of the Servicemen's Readjustment Act of 1944, as amended, or any other comparable federal legislation providing for the guarantee by the veterans administrator of a loan made to a veteran for the purchasing of residential property or for the construction of a dwelling to be occupied as the veteran's home, or for making repairs, alterations or improvements in property owned by the veteran and occupied as the veteran's home, or for a farm, equipment and construction or improvement of a farm house used in connection with bona fide farming operations conducted by the veteran. [L 1953, c 211, §1; RL 1955, §350-1; am L 1961, c 193, §§2 and 3(1); am L 1963, c 114, §1; HRS §364-1; gen ch 1985]