(a) A developer may not offer for sale any units in a project unless the project is registered with the commission and an effective date for the developer’s public report is issued by the commission.
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Terms Used In Hawaii Revised Statutes 514B-51

  • Commission: means the real estate commission of the State. See Hawaii Revised Statutes 514B-3
  • Developer: means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project. See Hawaii Revised Statutes 514B-3
  • Project: means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime are created. See Hawaii Revised Statutes 514B-3
(b) The registration requirement of this section shall not apply to:

(1) The disposition of units exempted from the developer’s public report requirements pursuant to section 514B-81(b);
(2) Projects in which all units are restricted to nonresidential uses and all units are to be sold for $1,000,000 or more; or
(3) The sale of units in bulk, such as where a developer undertakes to develop and then sells all or a portion of the developer’s entire inventory of units to a purchaser who is a developer. The registration requirements of this section and the developer’s amended developer’s public report requirements of section 514B-56 shall apply to any sale of units to the public following a sale of units in bulk.
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