Hawaii Revised Statutes
514E. Time Sharing Plans
514E-22 General requirements for trusts.

§514E-22 General requirements for trusts. If time share units are required to be conveyed to a trustee pursuant to section 514E-19, the trust instrument must provide for at least the following:
(1) Title to the time share units must be transferred to the trustee before the purchaser's funds are disbursed by the escrow agent.
(2) The trustee shall not convey or transfer the time share units except for any units with respect to which no owner has any further right of occupancy or as permitted in section 514E-26.
(3) The trustee shall be prohibited from encumbering the time share units unless the director shall consent thereto. Such consent shall be given if the trust shall meet all of the requirements of section 514E-24 or all requirements of one of the alternative provisions in section 514E-19 are then satisfied.
(4) The association on behalf of the owners must expressly be made a third party beneficiary of the trust.
(5) Notice of the intention of the trustee to resign must be given to the director at least ninety days before the resignation takes effect.
(6) No amendment of the trust instrument adversely affecting the interests or rights of owners may be made without the written approval of the association.
(7) Any other provisions required by the director as provided by rules adopted pursuant to chapter 91. [L 1982, c 186, §10]

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514E-2.6 REPEALED.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.