Report Title:

Time Sharing

Description:

Adds definitions of "master development" and "person" and amends the definitions of "blanket lien" and "project" in the Time Sharing Plans law.

HOUSE OF REPRESENTATIVES

H.B. NO.

156

TWENTY-THIRD LEGISLATURE, 2005

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

relating to time sharing.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 514E-1, Hawaii Revised Statutes, is amended as follows:

1. By adding two new definitions to be appropriately inserted and to read:

""Master development" means a real estate development that consists of more than one project, including but not limited to a planned community association subject to chapter 421J with one or more sub-associations.

"Person" means a natural person, corporation, limited liability company, partnership, joint venture, association, estate, trust, government, governmental subdivision or agency, or other legal entity, or any combination thereof."

2. By amending the definitions of "blanket lien" and "project" to read:

""Blanket lien" means any mortgage, deed of trust, option to purchase, master lease, vendor's lien or interest under a contract or agreement of sale, or any other lien or encumbrance which (i) affects more than one time share interest either directly or by reason of affecting an entire time share unit or the property upon which the time share unit to be used by the purchasers is located, and (ii) secures or evidences the obligation to pay money or to sell or convey the property and which authorizes, permits, or requires the foreclosure and sale or other defeasance of the property affected; provided, however, that for the purpose of this chapter, the following shall not be considered blanket liens:

(1) The lien of current real property taxes;

(2) Taxes and assessments levied by public authority[;] and that are not yet due and payable;

(3) A lien for common expenses under chapter 514A or a lien on an individual time share unit for similar expenses in favor of a homeowners or community association;

(4) An apartment lease or condominium conveyance document conveying or demising a single condominium apartment or a lease of a single cooperative apartment; and

(5) Any lien for costs or trustee's fees charged by a trustee holding title to time share units pursuant to a trust created under section 514E-19[.]; provided that such costs or trustee's fees are not yet due and payable.

"Project" means [property that is subject to project instruments, including but not limited to condominiums and cooperative housing corporations.]:

(1) An individual condominium project;

(2) Two or more contiguous condominium projects that have been merged and for administrative purposes operate as a single condominium project;

(3) An individual cooperative housing project;

(4) An individual subdivision of single-family homes subject to one or more project instruments; or

(5) An individual subdivision of townhomes subject to one or more project instruments.

"Project" does not include a master development."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2005.

INTRODUCED BY:

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