(1) A qualified farmer, a person under the new farmer program, or a part-time farmer;

(2) A citizen of the United States who has resided in the State for at least three years, or any permanent resident alien who has resided in the State for at least three years; provided that this requirement shall not apply to applicants for class "D" loans who otherwise qualify. In the case of partnerships and corporations, the residence requirement must be met by seventy-five per cent of the members or stockholders;

(3) A sound credit risk with the ability to repay the money borrowed; and

(4) Willing to carry out recommended farm management practices. [L 1959, c 278, pt of §1; am L 1961, c 104, §1(1); Supp, §102-10; HRS §155-10; am L 1974, c 231, §2(2); am L 1990, c 259, §3; am L 2000, c 51, §11]