Report Title:

Condominium Property Regimes

Description:

Amends requirements concerning delivery of developer's public report and disclosure abstract of time share plan or project.

HOUSE OF REPRESENTATIVES

H.B. NO.

2833

TWENTY-FIRST LEGISLATURE, 2002

 

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO CONDOMINIUM PROPERTY REGIMES.

 

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

SECTION 1. Section 514A-31 (b), Hawaii Revised Statutes, is amended to read as follows:

"(b) Prior to the time when a developer offers or proposes to offer for sale a time share plan located in a condominium project where apartments are being offered or proposed to be offered for sale for the first time to the public, the developer shall register the project with the commission and obtain an effective date for the developer's public report; provided that the developer shall not be required to deliver to a prospective purchaser or purchaser a true copy of the developer's public report or disclosure abstract, as required by this chapter, when a time share plan is duly registered under chapter 514E[, and for which a disclosure statement under chapter 514E is effective and required to be delivered to the purchaser or prospective purchaser."] if:

(1) A copy of the disclosure statement required by chapter 514E is required to be delivered to the purchaser or prospective purchaser; or

(2) Pursuant to section 514E-30, a copy of the disclosure statement required by chapter 514E is not required to be delivered to the purchaser or prospective purchaser because the offer or sale of the time share interest is made outside of Hawaii."

SECTION 2. Section 514A-41, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

"(d) Notwithstanding any other provision to the contrary, this section shall not apply to a time share project duly registered under chapter 514E[, and for which a disclosure statement is effective and required to be delivered to the purchaser or prospective purchaser.] if:

(1) A copy of the disclosure statement required by chapter 514E is required to be delivered to the purchaser or prospective purchaser; or

(2) Pursuant to section 514E-30, a copy of the disclosure statement required by chapter 514E is not required to be delivered to the purchaser or prospective purchaser because the offer or sale of the time share interest is made outside of Hawaii."

SECTION 3. Section 514A-61, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

"(d) Notwithstanding any other provision to the contrary, this section shall not apply to a time share project duly registered under chapter 514E[, and for which a disclosure statement is effective and required to be delivered to the purchaser or prospective purchaser.]if:

(1) A copy of the disclosure statement required by chapter 514E is required to be delivered to the purchaser or prospective purchaser; or

(2) Pursuant to section 514E-30, a copy of the disclosure statement required by chapter 514E is not required to be delivered to the purchaser or prospective purchaser because the offer or sale of the time share interest is made outside of Hawaii."

SECTION 4. Section 514A-62, Hawaii Revised Statutes, is amended by amending subsection (g) to read as follows:

"(g) Notwithstanding any other provision to the contrary, this section shall not apply to a time share project duly registered under chapter 514E[, and for which a disclosure statement is effective and required to be delivered to the purchaser or prospective purchaser.]if:

(1) A copy of the disclosure statement required by chapter 514E is required to be delivered to the purchaser or prospective purchaser; or

(2) Pursuant to section 514E-30, a copy of the disclosure statement required by chapter 514E is not required to be delivered to the purchaser or prospective purchaser because the offer or sale of the time share interest is made outside of Hawaii."

SECTION 5. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 6. This Act shall take effect upon its approval.

INTRODUCED BY:

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