Section 209-26 - Administration(a) Except as otherwise provided, the director of business, economic development, and tourism is designated as the administrator responsible for the administration of this part. The director shall: (1) Administer loans for the purpose and according to this part; and(2) Adopt rules to carry out the purposes of this part.(b) The department may contract with any financial institution for services including servicing or administering loans pursuant to this section.(c) For purposes of this section, "financial institution" means any organization authorized to do business under state or federal laws relating to financial institutions, including without limitation, banks, savings banks, savings and loan companies or associations, financial services loan companies, and credit unions.L 1961, c 189, §12; am L 1963, c 2, §3; Supp, § 98P-12; HRS § 209-26; ree L 1976, c 205, §1(2); am L 1987, c 336, §7; am L 1990, c 293, §8; am L 1998, c 118, §6 Rulemaking procedure, see chapter 91.