Section 11-65-08 - Penalty and procedures for CWSRF loan default(a) Procedures for notice of loan default shall be included in the CWSRF loan agreements.(b) In the event of a loan default, the director is entitled to collect interest from the recipient on the amount of each overdue repayment at the effective rate of twelve per cent simple interest per year commencing on the first day following the repayment due date and ending on the date the director receives the check or warrant issued by the recipient.[Eff 5/5/97; am and comp 6/1/00; comp 1/22/02; comp 5/17/03; comp NOV 18 2011] (Auth: HRS §§ 342D-82(a)(4), 342D-86(b)) (Imp: HRS §§ 342D-81, 342D-82, 342D-83, 342D-84, 342D-86, 33 U.S.C. §§ 1381 - 1387 )