§364-8 Direct loans to veterans. Whenever the director of finance expressly finds that so few loans are being made to veterans and so few veterans mortgages are being offered for sale to the director, that it is impossible to carry out the intent of this chapter, the director with the approval of the governor may make direct loans to veterans and take mortgages as security therefor. All such loans shall be submitted to the veterans administrator for guarantee. The limitations on the purchase of veterans mortgages shall apply to direct loan grants to the effect that mortgages taken therefor shall meet all requirements applicable to veterans mortgages except that the loan is made directly by and is serviced by the director.

If loan grants are made directly by the director, the director shall adopt, and may amend and rescind, such rules and regulations as are necessary for the administration of this section. [L 1953, c 211, §8; RL 1955, §350-8; am L 1961, c 193, §2; HRS §364-8]