STAND. COM. REP. NO.76

Honolulu, Hawaii

, 2001

RE: H.B. No. 17

H.D. 1

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-First State Legislature

Regular Session of 2001

State of Hawaii

Sir:

Your Committee on Tourism and Culture, to which was referred H.B. No. 17 entitled:

"A BILL FOR AN ACT RELATING TO TIME SHARE PROJECTS,"

begs leave to report as follows:

The purpose of this bill is to exempt time share units from the following disclosure requirements:

(1) The developer's supplementary public report to the Real Estate Commission (Commission);

(2) The developer's disclosure abstract to prospective initial purchasers; and

(3) The developer's public report to prospective purchasers that are applicable to condominium apartment sales.

The American Resort Development Association (ARDA), ARDA of Hawaii, Hilton Grand Vacations Company, and an employee of Resort Condominium International submitted testimony in support of the measure. The Commission submitted comments on the measure.

 

 

 

 

Your Committee notes that current disclosure requirements to buyers of time share properties are duplicative. This bill seeks to eliminate these duplicative disclosure requirements for these buyers by amending those requirements under the Condominium Property Regimes Law.

Your Committee has amended this bill by adding a provision that requires a developer to register with the Commission prior to the time when the developer offers or proposes to offer for sale a time share plan located in a condominium project where apartments are to be sold for the first time.

Technical, nonsubstantive amendments were also made for clarity and consistency.

As affirmed by the record of votes of the members of your Committee on Tourism and Culture that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 17, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 17, H.D. 1, and be referred to the Committee on Consumer Protection and Commerce.

Respectfully submitted on behalf of the members of the Committee on Tourism and Culture,

____________________________

JERRY CHANG, Chair