Hawaii Administrative Rules
Title 17 - DEPARTMENT OF HUMAN SERVICES
Department of Human Services
Chapter 675 - ASSETS
Subchapter 1 - GENERAL PROVISIONS
Section 17-675-2 - Definitions
Current through August, 2024
For the purpose of this chapter:
"Asset" means cash and any other personal property, as well as real property, that an individual or family:
(1) Owns;
(2) Has the right, authority, or power to convert to cash (if not already cash); and
(3) Is not legally restricted from using for the individual's or family's support and maintenance.
"Automobile" means a passenger car or other motor vehicle used to provide transportation of persons or goods.
"Domestic violence victim" means an individual who has been battered or otherwise subjected to extreme cruelty. Acts which constitute domestic violence include but are not limited to the following:
"Encumbrances" means a financial claim or lien upon real or personal property.
"Equity" means fair market value minus encumbrances against the property.
"Fair market value" means the amount for which an item of real or property is expected to sell on the open market in the geographic area involved and under the existing economic conditions.
"Family" means, for the financial assistance programs only, any person or persons requesting or receiving financial assistance payments.
"Financial institution" means any bank, savings and loan association, credit union, or other similar organization.
"Home" means a dwelling or shelter, including a house, building, tent, motor vehicle, boat, or trailer, which is used as the primary residence of an individual, family, or household.
"Individual development account (IDA)" is a special savings account held at a qualified financial institution which has been established as a trust by or on behalf of an individual eligible for assistance under the AFDC program. An IDA is funded through periodic contributions by the establishing individual and those contributions are matched by or through a non-profit organization. The purpose of an IDA is to enable the individual to accumulate funds that can be used only for post-secondary education, first home purchase, or business capitalization.
"Joint tenancy" means equal, undivided interest in real property by two or more persons throughout each respective owner's life. Upon the death of an owner, title automatically passes to the surviving owner or owners. An owner may sell his or her interest in the property without the consent of the others, but this will break the joint tenancy and change the property ownership to tenancy in common.
"Liquid asset" means, for the financial assistance programs, cash and any other personal property that can be quickly converted to cash. Examples are bank accounts, bonds, and stocks. For the food stamp program, "liquid asset" means cash and other assets excluding personal property that can be quickly converted to cash including, but not limited to, bank accounts, stocks, bonds, and lump sum payments.
"Motor vehicle" means any car, truck, van, camper, motorcycle, or mobile home.
"Nonliquid asset" means, for the food stamp program only, assets that cannot be quickly converted to cash including, but not limited to personal property, vehicles, buildings, and real property.
"Personal property" means any asset that is not real property.
"Real property" means land, buildings and anything else erected on or affixed to the land or buildings.
"SSI" mean the federal supplemental security income program for the aged, blind, and disabled, administered by the Social Security Administration.
"Student" means a child under age nineteen, enrolled in a public or private elementary or secondary school, or equivalent level of vocational or technical training.
"Tenancy" means the right to possession of real property or otherwise, permanently or temporarily, with or without title to the property.
"Tenancy by the entirety" means the ownership of real or personal property jointly by husband and wife, acquired by the couple at the same time through the same legal document. The right of survivorship is automatic. Neither spouse can break the tenancy by conveying or mortgaging his or her interest without the consent of the other spouse. A lien cannot be placed against the interest of an individual spouse in this type of property ownership. The ownership changes to tenancy in common with the dissolution of the marriage.
"Tenancy in common" means ownership of property may not be equal. Each person's interest can be sold without the consent of the other owners.
