Section 4-8-31 - Application of payment(a) Refund and canceled undisbursed funds shall be applied to the principal and returned to the loan revolving fund.(b) The department may apply payment to any loan outstanding in the case of a borrower with multiple loans from the department.[Eff 1/31/85; comp 9/20/86] (Auth: HRS § 155-4) (Imp: HRS §§ 155-4, 155-13)