§514E-9.5 Exchange program; general provisions. (a) An exchange agent (including the developer if it is also an exchange agent) shall distribute not less than annually to each purchaser of a time share interest participating in the exchange program materials containing written information which shall include the following:
(1) The manner in which the program is operated, the identity of the persons operating the program, and the affiliation between the persons operating the program and the developer;
(2) Whether membership, participation, or both, in the program are voluntary or mandatory;
(3) The costs or ranges of costs of membership and participation in the program as of a specified date, not more than one year before the disclosure statement is delivered to the purchaser, and the person to whom those costs are payable;
(4) Whether and how any of the costs specified in paragraph (3) may be altered, which costs are to be fixed on a case-by-case basis, and the manner in which they are to be fixed in each case;
(5) A description of the availability of time share units represented to be participating in the exchange program;
(6) The reservation and confirmation or other procedures to effectuate the exchange of occupancy rights; and
(7) Other disclosures required by the director as provided by rules adopted pursuant to chapter 91.
(b) A copy of the most current written materials supplied by the exchange agent pursuant to subsection (a) of this section shall be delivered to each purchaser simultaneously with the delivery of the disclosure statement.
(c) If the exchange agent is not the developer, a subsidiary of the developer, controlled by the developer, or affiliated with the developer, then:
(1) The developer shall have no liability for the publication or distribution by the developer of the most current written materials supplied to the developer by the exchange agent pursuant to this section or the rules adopted by the director; and
(2) The exchange agent shall have no liability with respect to any violation of this chapter or the rules adopted by the director arising out of the use by a developer of information relating to an exchange program other than that provided to the developer by the exchange agent. [L 1981, c 81, pt of §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514E-2.6 REPEALED.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.