Section 16-106-4.6 - Purchaser protections required for resales by developer(a) Any developer who reacquires a time share interest and resells the same shall meet and adhere to all sales registration requirements under chapter 514E, HRS; provided that the reacquired time share interest need not be re-registered if the same has previously been registered and there has been no material changes in the status of the time share program. For the purposes of this section, the term "reacquired time share interest" shall mean that the time share interest was previously sold by or through the developer and reacquired by the developer through foreclosure, repurchase, or other means whereby title to that interest becomes vested in the developer or the developer's agent.(b) Any developer who resells reacquired time share interests without conforming to the requirements of chapter 514E, HRS, and this chapter shall be subject to the sanctions provided by chapter 514E, HRS, and this chapter.(c) The developer must notify the department of its intention to sell reacquired time share interests on a form prescribed by the director which shall include, but not be limited to, the following: (1) The name of the time share plan under which the reacquired time share interest was previously registered;(2) The unit number of the reacquired time share interest; and(3) The number of interests being offered for sale in each unit.Haw. Code R. § 16-106-4.6
[Eff and comp 3/7/88; comp 9/15/90] (Auth: HRS § 514E-13) (Imp: HRS § 514E-10)