Section 15-4-5 - Direct and participation loans(a) The director may make two types of loans: (1) Loans wholly from state funds, to be known as direct loans; and(2) Loans made in participation with one or more financial institutions, to be known as participation loans.(b) No direct loan shall be made unless a participating loan cannot be negotiated at reasonable terms.[Eff. JUL 6 1981] (Auth: HRS § 209-26) (Imp: HRS § 209-27)