§514E-10.3 Time share owners association; budgets and reserves. (a) For each fiscal year, the plan manager, or the board of the association if there is no plan manager, shall adopt an operating budget and distribute copies to all members of the association. The budget shall contain at least the following:
(1) The estimated revenues and operating expenses of the association;
(2) Information as to whether the budget has been prepared on a cash or accrual basis;
(3) The total cash reserves of the association as of the date of the budget;
(4) The estimated cash reserves the association will require to maintain the property;
(5) A general explanation of how the estimated cash reserves are computed; and
(6) The amount the association must collect for the year to fund the estimated cash reserves.
(b) The plan manager, or the board of the association if there is no plan manager, shall arrange for an annual independent audit of the association's financial accounts conducted by a public accountant in accordance with generally accepted auditing standards. Upon request, a copy of the audit shall be provided to the director, to any member of the association, and any prospective purchaser. The audit report shall include such information as provided by rules adopted by the director pursuant to chapter 91. [L 1993, c 320, §1]
Structure Hawaii Revised Statutes
514E-1.5 Time share administrator; duties.
514E-2.5 Licensing of sales agents and acquisition agents.
514E-2.6 REPEALED. L 2001, c 71, §1.
514E-5 Geographic limitations.
514E-5.5 Foreign time share plans; exemption.
514E-6 Time sharing in projects.
514E-6.5 Voting rights for time share units.
514E-8 Mutual right to cancel.
514E-8.6 One-to-one use-right to use-night requirement.
514E-9.1 Disclosure statement; prospective purchasers.
514E-9.5 Exchange program; general provisions.
514E-10.5 Consultant review of developer filing.
514E-11.1 Deceptive trade practices.
514E-11.3 Remedies; sales voidable; when and by whom.
514E-12 Civil penalty; suspension or revocation of registrations.
514E-12.5 Statutory or common-law remedies.
514E-13 Authority of director.
514E-14 Preexisting time share units and plans.
514E-16 Deposit of purchaser's funds, notes, and contracts into escrow.
514E-17 Release of purchaser's funds, notes, and contracts from escrow without a closing.
514E-18 Release of purchaser's funds, notes, and contracts from escrow upon closing.
514E-19 Protection of purchasers from blanket liens.
514E-20 Effect of recording a nondisturbance agreement.
514E-21 Effect of recording a notice of time share plan.
514E-22 General requirements for trusts.
514E-23 Requirements for trustees.
514E-24 Additional requirements for lien payment trusts.
514E-26 Termination of a trust.
514E-27 Alternative arrangements for purchaser protection.
514E-28 Requirements for surety bonds and letters of credit.