Report Title:

Time shares, resales

Description:

Allows a timeshare developer to resell timeshare units or interests in a registered or previously registered plan, provided the developer did not purchase the timeshare unit or interest to be sold from another developer, did not create or register the plan, has previously registered a different plan, complies with any resale disclosure provisions required by rule. (HB1472 HD1)

HOUSE OF REPRESENTATIVES

H.B. NO.

1472

TWENTY-SECOND LEGISLATURE, 2003

H.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO TIME SHARES.

 

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

SECTION 1. Section 514E-10, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:

"(a) A developer shall not offer or dispose of a time share unit or a time share interest unless the disclosure statement required by section 514E-9 is filed with the director pursuant to the time specified in this chapter, or the development is exempt from filing, and the time share plan to be offered by the developer is accepted by the director for registration under this chapter. The director shall not accept a developer's time share plan if the developer does not possess a history of honesty, truthfulness, financial integrity, and fair dealing.

Notwithstanding the foregoing, a developer may offer or dispose of a time share unit or a time share interest in a registered or previously registered time share plan that is being resold; provided that:

(1) The developer did not create or register the time share plan;

(2) The developer did not purchase the time share unit or time share interest from another developer;

(3) The director has previously accepted for registration under this chapter another time share plan from the developer; and

(4) The developer complies with any and all resale disclosure requirements provided by rules adopted pursuant to chapter 91."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2099.