Hawaii Revised Statutes 514E-9.1 – Disclosure statement; prospective purchasers
Terms Used In Hawaii Revised Statutes 514E-9.1
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the director of commerce and consumer affairs. 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
- 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- 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
The purchaser of a time share interest shall be provided a copy of the disclosure statement filed with and accepted by the director concurrently with the execution of a sales contract. The disclosure statement shall be provided in printed form unless the purchaser indicates in a separate writing the purchaser’s election to receive the disclosure statement through means of a computer disc, electronic mail, download from an internet site, thumb drive, any other media that may require the use of a device or a machine to be viewed or heard, or by any other means contemplated by chapter 489E. The separate writing shall include, above the signature line in bold type and capital letters, the following statement: “ANY PURCHASER HAS UNDER THE LAW A SEVEN-DAY RIGHT OF RESCISSION OF ANY TIME SHARING SALES CONTRACT. PURCHASERS SHOULD READ THE DISCLOSURE STATEMENT BEFORE THE SEVEN-DAY RIGHT OF RESCISSION PERIOD EXPIRES.”