Terms Used In Hawaii Revised Statutes > Chapter 201H > Part III > DOWNPAYMENT LOAN ASSISTANCE PROGRAM

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contribution: means money payments made to the fund by the State, the counties, an employee-beneficiary, or a qualified-beneficiary. See Hawaii Revised Statutes 87A-1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• County: means the counties of Hawaii, Honolulu, Kauai, and Maui, including their respective boards of water supply and other quasi-independent boards, commissions, and agencies. See Hawaii Revised Statutes 87A-1
• Credited service: means service as an officer or employee paid by the State or county, service during the period of leave of absence or exchange if the individual is paid by the State or county during the leave of absence or exchange, and service during the period of unpaid leave of absence or exchange if the individual is engaged in the performance of a governmental function or if the unpaid leave of absence is an approved leave of absence for professional improvement. See Hawaii Revised Statutes 87A-1
• Employee: means an employee or officer of the State, county, or legislature,

  (1) Including:

  (A) An elective officer;

  (B) An officer or employee under an authorized leave of absence;

  (C) An employee of the Hawaii national guard although paid from federal funds;

  (D) A retired member of the employees' retirement system; the county pension system; or the police, firefighters, or bandsmen pension system of the State or county;

  (E) A salaried and full-time member of a board, commission, or agency appointed by the governor or the mayor of a county; and

  (F) A person employed by contract for a period not exceeding one year, where the director of human resources development, personnel services, or civil service has certified that the service is essential or needed in the public interest and that, because of circumstances surrounding its fulfillment, personnel to perform the service cannot be obtained through normal civil service recruitment procedures,

  (2) But excluding:

  (A) A designated beneficiary of a retired member of the employees' retirement system; the county pension system; or the police, firefighters, or bandsmen pension system of the State or county;

  (B) Except as allowed under paragraph (1)(F), a person employed temporarily on a fee or contract basis; and

  (C) A part-time, temporary, and seasonal or casual employee. See Hawaii Revised Statutes 87A-1

• Employee-beneficiary: means :

  (1) An employee;

  (2) The beneficiary of an employee who is killed in the performance of the employee's duty, including:

  (A) The surviving child, if there is no surviving parent who is eligible to be an employee-beneficiary and the child is unmarried and under the limiting age as defined by the board; and

  (B) The surviving spouse, if the surviving spouse does not subsequently remarry;

  (3) An employee who retired prior to 1961; and

  (4) The beneficiary of a retired member of the employees' retirement system; a county pension system; or a police, firefighters, or bandsmen pension system of the State or a county, upon the death of the retired member, including:

  (A) The surviving child, if there is no surviving parent who is eligible to be an employee-beneficiary and the child is unmarried and under the limiting age as defined by the board; and

  (B) The surviving spouse, if the surviving spouse does not subsequently remarry;

  provided that the employee, the employee's beneficiary, or the beneficiary of the deceased retired employee is deemed eligible by the board to participate in a health benefits plan or long-term care benefits plan under this chapter. See Hawaii Revised Statutes 87A-1

• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fund: means the Hawaii employer-union health benefits trust fund established in section 87A-30. See Hawaii Revised Statutes 87A-1
• Health benefits plan: means :

  (1) A group insurance contract or service agreement that may include medical, hospital, surgical, prescribed drugs, vision, and dental services, in which a carrier agrees to provide, pay for, arrange for, or reimburse the cost of the services as determined by the board; or

  (2) A similar schedule of benefits established by the board and provided through the fund on a self-insured basis. See Hawaii Revised Statutes 87A-1

• 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}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• 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.