Hawaii Revised Statutes 514E-9 – Disclosure statement
Terms Used In Hawaii Revised Statutes 514E-9
- Association: means the time share owners association. See Hawaii Revised Statutes 514E-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Developer: means any person that creates a time sharing plan or is in the business of selling time share units. See Hawaii Revised Statutes 514E-1
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Plan manager: means a person who undertakes the duties, responsibilities, and obligations of managing a time share plan. See Hawaii Revised Statutes 514E-1
- Project: means :
(1) An individual condominium project;
(2) Two or more contiguous condominium projects that have been merged and for administrative purposes operate as a single condominium project;
(3) An individual cooperative housing project;
(4) An individual subdivision of single-family homes subject to one or more project instruments; or
(5) An individual subdivision of townhomes subject to one or more project instruments. See Hawaii Revised Statutes 514E-1
- Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- Sales agent: means a person who sells or offers to sell for compensation a time share interest in a time share plan, except a person who acquired a time share interest for the person's own occupancy and later offers it for resale. See Hawaii Revised Statutes 514E-1
- Time share interest: means any interest in a time share unit or plan which entitles the owner or holder thereof to the use, occupancy or possession of a time share unit on a periodically recurring basis. See Hawaii Revised Statutes 514E-1
- Time share ownership plan: means any arrangement whether by tenancy in common, sale, deed or by other means, whereby the purchaser receives an ownership interest and the right to use the property for a specific or discernible period by temporal division. See Hawaii Revised Statutes 514E-1
- Time share plan: means any plan or program in which the use, occupancy, or possession of one or more time share units circulates among various persons for less than a sixty-day period in any year, for any occupant. See Hawaii Revised Statutes 514E-1
- Time share use plan: means any arrangement, excluding normal hotel operations, whether by membership agreement, lease, rental agreement, license, use agreement, security or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, in a time share unit for a specific or discernible period by temporal division, but does not receive an ownership interest. See Hawaii Revised Statutes 514E-1
- Trustee: A person or institution holding and administering property in trust.
For purposes of this paragraph:
“Primary plan documents” means the constituent documents of the time share plan, including any time share declaration; any trust agreement; the articles of incorporation and bylaws of the association, if the association is a corporation, or the operating agreement or similar organizational document, if the association is a limited liability company or other entity; the rules for reserving the use of the time share units; and the rules and regulations governing the occupancy of the time share units. “Primary plan documents” does not include supplementary plan documents.
“Supplementary plan documents” means any declaration of annexation, active property declaration, notice of access, notice of conveyance, notice of activation, deed conveying property to the trustee of a time share plan or to the association, and other instruments submitting or committing property to the time share plan or removing property from the time share plan. To the extent that any documents modify the terms and provisions of the time share plan as established in the existing primary plan documents, for example, by establishing a new class or category of time share interest having rights that differ from existing time share interests in the time share plan, the documents shall constitute primary plan documents and shall not constitute supplementary plan documents; and
“BECAUSE THE TIME SHARE UNITS OF THIS TIME SHARE PLAN ARE LOCATED OUTSIDE THE STATE OF HAWAII, THE PLAN MANAGER IS EXEMPT FROM REGISTRATION UNDER HAWAII’S TIME SHARE LAW, AND HAWAII’S TIME SHARE LAW PROVIDES NO PROTECTIONS TO PURCHASERS WITH RESPECT TO THE PLAN MANAGER.”