Section 16-106-4.1 - Subsequent filing registration requirement(a) A developer shall submit the following to the director for the purpose of annexing any unit or units to a registered time share plan; provided that no subsequent filing application for registration of the additional unit or units shall be deemed complete, nor shall the same be accepted for registration, unless the prescribed information is provided separately tabbed and numbered in the exact order as follows: (1) A subsequent filing application for registration on a form prescribed by the director;(2) A copy of the declaration of annexation, if applicable, which contains the following: (A) A legal description of the unit or units to be annexed, as well as the names and addresses of the record owner or owners thereof;(B) A statement submitting each annexed unit to the declaration of covenants, conditions and restrictions for the time share plan, which declaration shall be identified by title and recording data; and(C) A schedule of the use periods for each annexed unit;(3) A revised disclosure statement reflecting the annexation of the unit or units to the time share plan; provided that this subsection shall not be subject to the requirements of section 16-106-16;(4) A current financial statement not more than ninety days old at the time of submission of the application, prepared in accordance with generally accepted accounting principles and certified by the developer or a certified public accountant to be true and correct in all respects and to fairly, completely, and accurately represent the financial condition of the subject thereof as of the respective date thereof; provided that in lieu of this financial statement, an audited financial report may be submitted if it is the most current report of the subject thereof and is not more than fifteen months old at the time of submission of the application. Any false, misleading, or fraudulent financial statement or report submitted by the developer shall be grounds for cancellation, suspension, or revocation of a registration;(5) For each unit to be annexed, a policy of title insurance, preliminary title report, abstract of title, or certificate of title not more than sixty days old at the time of submission of the application; provided that the policy of title insurance, preliminary title report, abstract of title, or certificate of title discloses the status of ownership of the unit and any and all liens and encumbrances affecting the unit;(6) Copies of all encumbrances against title to each unit to be annexed; provided that copies of encumbrances included with the initial application for registration of the time share plan or any prior subsequent filing application accepted by the department in connection with the plan may be incorporated by reference;(7) Confirmation by the respective county that the time share plan meets the geographic limitation requirements of section 514E-5, HRS; provided that this confirmation of zoning shall be obtained from the respective county not more than thirty days before the date of submission of the application. The director shall prescribe a form to be completed by the proper county authority evidencing this confirmation of zoning; and(8) The registration fee.(b) A developer shall notify the director in writing of any material change in any information submitted to the director pursuant to this section within twenty days of any material change. Failure to notify the director of any material change in the information submitted shall be grounds for cancellation, suspension, or revocation of a registration.(c) Any subsequent filing application for registration required by this section shall be deemed accepted if the director has not acted upon the application within sixty days following receipt of the same; except that this subsection shall not apply to any application which is incomplete and does not contain all of the information required to be submitted to the director under this section.(d) The registration fee required by this section shall be in the form of a cashier's check or certified check made payable to the "Department of Commerce and Consumer Affairs" in the amount specified in chapter 16-53, Hawaii Administrative Rules.(e) The registration fee shall be paid upon submission of a registration application. Applications shall not be accepted for department review unless accompanied by the requisite fee.(f) The format for subsequent filing registration shall be prescribed by the director.Haw. Code R. § 16-106-4.1
[Eff and comp 3/28/85; am and comp 8/30/85; comp 11/29/85; comp 6/5/87; am and comp 3/7/88; comp 9/15/90] (Auth: HRS §§ 514E-9, 514E-13) (Imp: HRS §§ 514E-9, 514E-10)