Hawaii Administrative Rules › Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS › Chapter 106 - TIME SHARING › Subchapter 2 - REGISTRATION REQUIREMENTS › Section 16-106-4.2 - Biennial renewal requirement

Current through June, 2024
(a) A developer
				shall submit the following to the director at the time of renewal of the
				registration for a time share plan not later than December 31 of each
				odd-numbered year, as required by section
				514E-10(f),
				HRS, and section 16-106-4(h); provided that no application for renewal 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
				renewal of registration on a form prescribed by the director;
(2) A current disclosure statement meeting
				the requirements of section
				514E-9, HRS,
				and section 16-106-3;
(3) A current
				financial statement prepared not more than one hundred twenty days before the
				date of renewal in accordance with generally accepted accounting principles and
				certified by the developer or a certified public accountant to be true and
				correct in all respects and to fairly, completely, and accurately represent the
				financial condition of the subject thereof as of the respective date thereof;
				provided that in lieu of this financial statement, an audited financial report
				may be submitted if it is the most current report of the subject thereof and is
				not more than fifteen months old at the time of renewal of the developer's
				registration. Any false, misleading, or fraudulent financial statement or
				report submitted by the developer shall be grounds for cancellation,
				suspension, or revocation of a registration;
(4) With respect to any unsold interests in
				each registered unit in the time share plan which are held by the developer at
				the time of renewal of the registration for the plan, a policy of title
				insurance, a preliminary title report, abstract of title, or certificate of
				title not more than ninety days old at the time of renewal of the registration
				for the time share plan; provided that the policy of title insurance,
				preliminary title report, abstract of title, or certificate of title discloses
				the status of ownership of the unit and any and all liens and encumbrances
				affecting the unit;
(5) The name
				and address of the person in the State authorized to receive service of process
				on behalf of the developer; provided that written notification of any change of
				this name or address shall be submitted to the director within twenty days of
				any change;
(6) A complete
				statement setting forth the number of registered units in the time share plan
				and the number of time share interests being offered for sale in each unit;
				provided that this statement shall also specify the number of interests which
				have currently been sold in each unit and the number of interests which remain
				unsold as of the date of renewal; and provided further that this statement
				shall be certified by the developer to be true and correct in all
				respects;
(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 forty-five days
				before the date of submission of the application; and
(8) The biennial renewal fee.
A developer is prohibited from renewing the registration of
				  sold interests in a registered time share unit.