Hawaii Revised Statutes
514E. Time Sharing Plans
514E-18 Release of purchaser's funds, notes, and contracts from escrow upon closing.

§514E-18 Release of purchaser's funds, notes, and contracts from escrow upon closing. (a) Upon the closing of the escrow for the sale of a time share interest, the purchaser's funds and any negotiable instruments and purchase money contracts made by the purchaser shall be delivered by the escrow agent:
(1) To the trustee of a lien payment trust if a lien payment trust is established pursuant to section 514E-19 to protect purchasers from blanket liens;
(2) As provided by any alternative arrangements accepted by the director pursuant to section 514E-27 where such alternative arrangements are used pursuant to section 514E-19 to protect purchasers from blanket liens; or
(3) To the developer only after the requirements of any other alternative under section 514E-19 for protecting purchasers from blanket liens have been satisfied.
(b) Notwithstanding any other provisions of this chapter, the escrow agent may not release the purchaser's funds, negotiable instruments, and purchase money contracts from the escrow account to or for the benefit of the developer or a sales agent or for construction until:
(1) The seven-day cancellation period under section 514E-8 expires as to the purchaser whose funds are being released; and
(2) The escrow agent receives a sworn statement from the developer that:
(A) No cancellation notice postmarked on a date within the seven-day cancellation period was received from the purchaser whose funds are being released; and
(B) No cancellation notice was otherwise received during the seven-day cancellation period from the purchaser whose funds are being released. [L 1982, c 186, §5; am L 1985, c 114, §6]
Revision Note
In subsection (a)(1), "or" deleted after ending punctuation pursuant to §23G-15.

Structure Hawaii Revised Statutes

Hawaii Revised Statutes

Title 28. Property

514E. Time Sharing Plans

514E-1 Definitions.

514E-1.5 Time share administrator; duties.

514E-2 Status of property.

514E-2.5 Licensing of sales agents and acquisition agents.

514E-2.6 REPEALED. L 2001, c 71, §1.

514E-3 Taxation.

514E-4 County authority.

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-7 Maintenance charges.

514E-8 Mutual right to cancel.

514E-8.5 Classes of time share interests. (a) A time share plan may establish classes of time share interests defined by characteristics as the developer shall determine, including but not limited to season, unit size, location, view, or otherwise. (...

514E-8.6 One-to-one use-right to use-night requirement.

514E-9 Disclosure statement.

514E-9.1 Disclosure statement; prospective purchasers.

514E-9.5 Exchange program; general provisions.

514E-9.8 Time share interest owner referrals. (a) An owner of an interest in a time share plan duly registered under this chapter who is not licensed under chapter 467 and provides the name and address of a prospective purchaser or otherwise refers a...

514E-10 Registration required; developer, acquisition agent, plan manager, and exchange agent; registration renewal.

514E-10.2 Limited permit.

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 associ...

514E-10.5 Consultant review of developer filing.

514E-11 Prohibited practices.

514E-11.1 Deceptive trade practices.

514E-11.2 Power to enjoin.

514E-11.3 Remedies; sales voidable; when and by whom.

514E-11.4 Defense to action.

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-15 Severability.

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-25 Lien payment deposit.

514E-26 Termination of a trust.

514E-27 Alternative arrangements for purchaser protection.

514E-28 Requirements for surety bonds and letters of credit.

514E-29 Association; lien for delinquent assessments.

514E-30 Scope of chapter.

514E-31 Private right of action.