§364-7 Rules and regulations. The director of finance may, as the director deems necessary, make, alter, amend, and repeal rules and regulations for the administration of this chapter, and not inconsistent with the provisions thereof, including, but not limited to, additional minimum requirements to be met by veterans mortgages to be eligible for purchase, minimum requirements to be met by mortgagees in order to be eligible to sell veterans mortgages to the director and service them, the form in which veterans mortgages shall be delivered to the director, the information required to be submitted to show veterans mortgages offered for sale comply with this chapter and are eligible for purchase, the covenants of and procedures for entering into purchase mortgage contracts and commitment contracts to purchase veterans mortgages, and procedure for foreclosing veterans mortgages and the bearing of the expenses thereof.

The director, by rule and regulation, shall prescribe the service charge provided for in section 364-4, but in no event shall it exceed one-half of one per cent a year computed upon the unpaid principal balance of the veterans mortgage, and also the full amount of the late charges paid by the mortgagor. [L 1953, c 211, §7; RL 1955, §350-7; am L 1961, c 193, §2; HRS §364-7; gen ch 1985]