Section 6-27-13 - Leasehold conversion loans; minimum and maximum amounts(a) The collateral shall be a first mortgage on the fee simple interest and a second mortgage on the leasehold interest on improved real estate.(b) No leasehold conversion loan shall be made in an amount less than the minimum loan amount set by the board of trustees.(c) No leasehold conversion loan shall be made which, when combined with the outstanding balance of a first leasehold member home loan, exceeds the maximum loan amount set by the board of trustees, or when the combined balances of the first leasehold mortgage loan and the amount of the leasehold conversion loan exceeds eighty per cent of the appraised value of the real estate mortgaged to secure it.[Eff 2/9/89; am 12/24/90; am 6/11/92] (Auth: HRS §§ 88-28, 88-119.5) (Imp: §§ 88-119, 88-119.5)