Report Title:
Time Sharing Plans; "Acquisition Agent"
Description:
Amends definition of acquisition agent in the time share law to exclude individuals who are employed by or who are in contract with a real estate broker licensed under chapter 467, or an acquisition agent registered under section 524E-10, HRS. (SD1)
THE SENATE |
S.B. NO. |
173 |
TWENTY-FIRST LEGISLATURE, 2001 |
S.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to time sharing plans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 514E-1, Hawaii Revised Statutes, is amended by amending the definition of "acquisition agent" to read:
""Acquisition agent" means any person, other than a developer or sales agent, who, for compensation, solicits or encourages others to attend a time share sales presentation or to contact a time share sales agent or developer[.]; provided that this term shall not include individuals who perform the stated activities and are employed by or who are in contract with:
(1) A real estate broker licensed pursuant to chapter 467; or
(2) An acquisition agent registered pursuant to section 514E-10."
SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 3. This Act shall take effect upon its approval.