(a) The commission, after notice and hearing, may issue an order terminating the registration of a condominium project upon determination that a developer, or any officer, principal, or affiliate of a developer has:

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Terms Used In Hawaii Revised Statutes 514B-67

  • Affiliate of a developer: means a person that directly or indirectly controls, is controlled by, or is under common control with, the developer. See Hawaii Revised Statutes 514B-3
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Commission: means the real estate commission of the State. See Hawaii Revised Statutes 514B-3
  • Condominium: means real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. See Hawaii Revised Statutes 514B-3
  • Contract: A legal written agreement that becomes binding when signed.
  • county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
  • Developer: means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project. See Hawaii Revised Statutes 514B-3
  • Material fact: means any fact, defect, or condition, past or present, that, to a reasonable person, would be expected to measurably affect the value of the project, unit, or property being offered or proposed to be offered for sale. See Hawaii Revised Statutes 514B-3
  • Person: means an individual, firm, corporation, partnership, association, trust, or other legal entity, or any combination thereof. See Hawaii Revised Statutes 514B-3
  • Project: means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime are created. See Hawaii Revised Statutes 514B-3
  • Unit: means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road. See Hawaii Revised Statutes 514B-3
(1) Failed to comply with a cease and desist order issued by the commission affecting that condominium project;
(2) Concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of units in that condominium project;
(3) Failed to perform any stipulation or agreement made to induce the commission to issue an order relating to that condominium project;
(4) Misrepresented or failed to disclose a material fact in the application for registration;
(5) Failed to meet any of the conditions described in this part necessary to qualify for registration; or
(6) Failed to conform or comply with county zoning and development ordinances as required by chapter 205, including section 205-4.6 where applicable, and § 514B-5.
(b) A developer may not convey, cause to be conveyed, or contract for the conveyance of any interest in a unit while an order revoking the registration of the condominium project is in effect, without the consent of the commission.
(c) The commission may issue a cease and desist order in lieu of an order of revocation where appropriate.

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