2011 Hawaii Code
DIVISION 3. PROPERTY; FAMILY
TITLE 28. PROPERTY
514E. Time Sharing Plans
§514E-9 Disclosure statement.

§514E-9 Disclosure statement. (a) Any offering of a time sharing plan to the public shall disclose:

(1) The name and address of the developer and of the time share units;

(2) The name and address of the plan manager, if any, and a description of the plan manager's responsibilities and authority;

(3) A description of the time share units, including the developer's schedule for completion of all buildings, units and amenities and dates of availability;

(4) If the time share plan is located in a condominium property regime, a description of the project and any pertinent provisions of the project instruments;

(5) Any restraints on the transfer of the buyer's time share interest in the time share units or plan;

(6) Whether the time share plan is a time share ownership plan or a time share use plan, along with a description of the rights and responsibilities under said plan;

(7) A statement that there is a seven-calendar-day period of mutual rescission;

(8) A statement that pursuant to section 514E-11.3, every sale or transfer, made in violation of this chapter is voidable at the election of the purchaser;

(9) Notice of any liens, title defects or encumbrances on or affecting the title to the units or plan;

(10) Notice of any pending or anticipated suits that are material to the time share units or plan, of which the developer has, or should have, knowledge;

(11) The total financial obligation of the purchaser, which shall include the initial price and any additional charges to which the purchaser may be subject;

(12) An estimate of the dues, maintenance fees, real property taxes, and similar periodic expenses, and the method or formula by which they are derived and apportioned; and

(13) Other disclosures required by the director, as provided by rules adopted pursuant to chapter 91.

(b) The requirements of this section shall not apply to the following transactions:

(1) Any transaction pursuant to order of any court;

(2) Any disposition by a government or governmental agency;

(3) Normal hotel operations; or

(4) Any gratuitous transfer.

(c) A developer or sales agent shall promptly amend or supplement the disclosure statement to report any material change in the information required by this section. [L 1980, c 186, pt of §1; am L 1981, c 81, §4; am L 1985, c 114, §3; gen ch 1985; am L 1988, c 65, §2]