Terms Used In Hawaii Revised Statutes 305J-14

• Accredited: means holding an institutional accreditation by name to offer post-secondary education as a United States-based institution from a regional or national accrediting agency recognized by the United States Department of Education. See Hawaii Revised Statutes 305J-2
• Alternative enrollment: means the opportunity for a student enrolled in a private college or university that ceases operation to meet the student's educational objectives through education provided by another authorized private college or university, the University of Hawaii system, an area vocational school, or any other educational arrangement acceptable to the director. See Hawaii Revised Statutes 305J-2
• Authorization: means the authorization granted to a private college or university, seminary, or religious training institution as provided in this chapter and any applicable rules and policies. See Hawaii Revised Statutes 305J-2
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the department of commerce and consumer affairs. See Hawaii Revised Statutes 305J-2
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 305J-2
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Owner: means :

  (1) An individual, if a private for-profit college or university is structured as a sole proprietorship;

  (2) Partners, if a private for-profit college or university is structured as a partnership;

  (3) Members in a limited liability company, if a private for-profit college or university is structured as a limited liability company; and

  (4) Shareholders in a corporation that hold a controlling interest, if a private for-profit college or university is structured as a corporation. See Hawaii Revised Statutes 305J-2

• Private college or university: means a nonpublic post-secondary education institution having a physical presence in the State that offers associate, baccalaureate, post-baccalaureate, master's, or doctoral degrees or diplomas. See Hawaii Revised Statutes 305J-2
• religious training institution: means a bona fide religious post-secondary educational institution that has a physical presence in the State, that is exempt from property taxation under the laws of the State, and that offers associate, baccalaureate, post-baccalaureate, master's, or doctoral degrees or diplomas. See Hawaii Revised Statutes 305J-2