(a) The commission shall establish a condominium education trust fund that the commission shall use for educational purposes. Educational purposes shall include financing or promoting:

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Terms Used In Hawaii Revised Statutes 514B-71

  • Association: means the unit owners' association organized under section 514B-102 or under prior condominium property regime statutes. See Hawaii Revised Statutes 514B-3
  • 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
  • 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
(1) Education and research in the field of condominium management, condominium project registration, and real estate, for the benefit of the public and those required to be registered under this chapter;
(2) The improvement and more efficient administration of associations;
(3) Expeditious and inexpensive procedures for resolving association disputes;
(4) Support for mediation of condominium related disputes; and
(5) Support for voluntary binding arbitration between parties in condominium related disputes, pursuant to section 514B-162.5.
(b) The commission shall use all moneys in the condominium education trust fund for purposes consistent with subsection (a). Any law to the contrary notwithstanding, the commission may make a finding that a fee adjustment is appropriate and adjust the fees paid by associations to regulate the fund balance to an appropriate level to maintain a reasonable relation between the fees generated and the cost of services rendered by the condominium education trust fund. For the purposes of finding that a fee adjustment is appropriate in order to maintain a reasonable relation between the fees generated and the cost of services rendered by the fund, the commission’s review shall include the following:

(1) Frequency and timing of anticipated revenue to the fund;
(2) Identification of a reserve amount based on unanticipated revenue reductions and historical expenditures;
(3) Anticipated expenses paid, including recovery payouts during a biennial budget cycle;
(4) Unanticipated natural disasters or catastrophic weather events that may increase fund payments; and
(5) Any statutory adjustments to fund payout amounts.

The balance of the fund shall not exceed a sum determined by the commission. The sum shall be determined by the commission biennially.

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