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

STATE OF HAWAII

 


 

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 Statutory material to be repealed is bracketed and stricken.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.