Hawaii Revised Statutes 514E-5.5 – Foreign time share plans; exemption
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Terms Used In Hawaii Revised Statutes 514E-5.5
- Contract: A legal written agreement that becomes binding when signed.
- Developer: means any person that creates a time sharing plan or is in the business of selling time share units. See Hawaii Revised Statutes 514E-1
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
- Person: includes an individual, partnership, joint venture, corporation, association, business, trust, or any organized group of persons or legal entities, or any combination thereof. See Hawaii Revised Statutes 514E-1
- Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
- Time share plan: means any plan or program in which the use, occupancy, or possession of one or more time share units circulates among various persons for less than a sixty-day period in any year, for any occupant. See Hawaii Revised Statutes 514E-1
- Time share use plan: means any arrangement, excluding normal hotel operations, whether by membership agreement, lease, rental agreement, license, use agreement, security or other means, whereby the purchaser receives a right to use accommodations or facilities, or both, in a time share unit for a specific or discernible period by temporal division, but does not receive an ownership interest. See Hawaii Revised Statutes 514E-1
“THE OFFERING AND OPERATION OF THIS TIME SHARE PLAN OUTSIDE THE JURISDICTIONAL LIMITS OF THE UNITED STATES OF AMERICA IS EXEMPT FROM REGULATION UNDER HAWAII LAW, AND ANY SUCH PURCHASE AND OPERATION OF THIS TIME SHARE PLAN IS NOT PROTECTED BY THE LAWS OF THE STATE OF HAWAII. NO RESALE OF INTERESTS IN THIS TIME SHARE PLAN MAY BE MADE BY ANY PERSON WITHIN THE JURISDICTIONAL LIMITS OF THE UNITED STATES OF AMERICA. THE MANAGEMENT AND OPERATION OF ANY ACCOMMODATIONS OR FACILITIES LOCATED IN HAWAII, HOWEVER, ARE SUBJECT TO HAWAII LAW, AND MAY GIVE RISE TO AN ENFORCEMENT ACTION REGARDLESS OF WHERE THE OFFER WAS MADE.”
“This time share plan is exempt from registration under Hawaii law and, therefore, the purchase and operation of this time share plan is not protected by the laws of the State of Hawaii.”