PART II. LOANS MADE BY FOREIGN LENDERS

ANDCERTAIN OTHER ACTIVITIES OF SUCH LENDERS

 

§207-11  Definitions.  As used in thispart:

"Employee benefit plan" means anyplan, fund, or program which was heretofore or is hereafter established in andunder the laws of a state other than Hawaii by an employer or by an employeeorganization, or both, for the purpose of providing for its participants ortheir beneficiaries, through the purchase of insurance or annuity contracts orotherwise, medical, surgical, or hospital care or benefits, or benefits in theevent of sickness, accident, disability, death, or unemployment, or retirementbenefits, and includes any profit-sharing plan which provides benefits at orafter retirement.  As used in the preceding sentence, the term "employeeorganization" means any labor union or any organization of any kind, orany agency or employee representation committee, association, group, or plan inwhich employees participate and which exists for the purpose, in whole or inpart, of dealing with employers concerning an employee benefit plan or othermatters incidental to employment relationships or any employees' beneficiaryassociation organized for the purpose, in whole or in part, of establishingsuch a plan.

"Foreign lender" means (A) "adepository institution" as defined in section 501(a)(2) of the federalDepository Institutions Deregulation and Monetary Control Act of 1980, a"real estate investment trust" as defined in the Internal RevenueCode, an insurance company, the principal office of which is in another state,whether incorporated or unincorporated and whether acting in its individualcapacity or in a fiduciary capacity, (B) the trustee or trustees from time totime in office of any employee benefit plan, (C) a lender approved by theSecretary of the United States Department of Housing and Urban Development forparticipation in any mortgage insurance program under the National Housing Act,(D) any corporation of which all of the capital stock (except the directors'qualifying shares) is owned by one or more foreign lenders specified in (A),(B), and (C), and (E) any corporation of which all of the capital stock (exceptfor the directors' qualifying shares) is owned by one or more foreign lendersspecified in (D), but the term "foreign lender" does not include anyfinancial services loan company licensed under article 9 of chapter 412.

"Loans" means obligations secured byliens upon real property, or any interest in real property, situated in thisState, which liens may also cover such personal property as is or may from timeto time be affixed or attached to or located on or in or about the realproperty or any improvements thereon or thereto, and include obligationssecured by liens upon real property or interests therein situated both withinand without this State.

"State" means any of the UnitedStates, the District of Columbia, Guam, the Commonwealth of Puerto Rico, andVirgin Islands. [L 1961, c 194, §8; Supp, §98L-8; HRS §207-11; am L 1970, c 4,§1; am L 1983, c 61, §1; am L 1989, c 266, §3; am L 1993, c 350, §8]