Section 16-106-4.5 - Resale agent registration requirement(a) A resale agent shall not sell or offer to sell any resale time share interest unless the resale agent submits an application for registration to the director and the application is accepted for registration; provided that no application 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) An application for registration on a form prescribed by the director;(2) Evidence that the resale agent is currently licensed pursuant to chapter 467, HRS, as a real estate broker;(3) An alphabetized list of the names, addresses, and telephone numbers of all employees and independent contractors who will be engaged in offering or selling resale time share interests, as well as evidence that each of these individuals is: (A) Currently licensed pursuant to chapter 467, HRS, as a real estate salesperson or broker;(B) Currently registered as a time share sales agent employee/independent contractor;(C) Currently registered as an outside public contact, if applicable.(4) A specimen copy of the contract of sale to be used in connection with the sale of resale time share interests;(5) A copy of the executed escrow agreement meeting the requirements of chapter 514E, HRS, and as provided for in subchapter 9;(6) The name and address of the person in the State authorized to receive service of process on behalf of the resale agent; provided that written notification of any change of this name shall be submitted to the director within twenty days of any changes;(7) If a corporation, partnership, or joint venture, a certificate of good standing issued by the business registration division of the department not more than thirty days before the date of submission of the application;(8) A completed specimen copy of the notice of mutual right of cancellation of time share purchase prescribed in section 16-106-20(c);(9) A copy of the disclosure statement required by section 16-106-4.4;(10) A specimen copy of the deed, lease, or other instrument to be used to convey the resale time share interest to the purchaser; and(11) The registration fee.(b) If the time share plan is located in a horizontal property regime, copies of the project instruments shall be made available to the purchaser for review prior to closing.(c) A Notice of Mutual Right of Cancellation of Time Share Purchase, as prescribed in section 16-106-20, shall be given to each purchaser.(d) Resale agents shall comply with the requirements of subchapter 10, advertising and promotional material.(e) Any 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 application; except that this subsection shall not apply to any application that is incomplete and does not contain all of the information required to be submitted to the director under this section.(f) Resale agents shall notify the director in writing of any material change in any information submitted to the director 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.(g) Resale agents shall ascertain that persons reselling more than two time share interests received written confirmation from the director that the time share interests were purchased for the person's own occupancy.(h) The registration fee required by this section is $100 ($50 application and $50 compliance resolution fund). Payment shall be in the form of a certified check, cashier's check, or money order made payable to the "Department of Commerce and Consumer Affairs."Haw. Code R. § 16-106-4.5
[Eff and comp 3/7/88; am and comp 9/15/90] (Auth: HRS § 514E-13 (Imp: HRS § 514E-10)