Terms Used In Hawaii Revised Statutes > Chapter 207 > Part I - Home Loans for Low Income Home Buyers On State Land

• Contract: A legal written agreement that becomes binding when signed.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Dependent: A person dependent for support upon another.
• Ex officio: Literally, by virtue of one's office.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Quorum: The number of legislators that must be present to do business.