(a) In addition to any other legal right to rescind a contract, any distressed property owner has the right to cancel a distressed property consultant contract, without any penalty or obligation, at any time before the distressed property consultant has fully performed each and every service the distressed property consultant contracted to perform or represented would be performed.
contract signature

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Terms Used In Hawaii Revised Statutes 480E-5

  • Contract: A legal written agreement that becomes binding when signed.
  • Distressed property: means any residential real property that:

    (1) Is in foreclosure or at risk of foreclosure because payment of any loan that is secured by the residential real property is more than sixty days delinquent;

    (2) Had a lien or encumbrance charged against it because of nonpayment of any taxes, lease assessments, association fees, or maintenance fees;

    (3) Is at risk of having a lien or encumbrance charged against it because the payments of any taxes, lease assessments, association fees, or maintenance fees are more than ninety days delinquent;

    (4) Secures a loan for which a notice of default has been given;

    (5) Secures a loan that has been accelerated; or

    (6) Is the subject of any solicitation, representation, offer, agreement, promise, or contract to perform any mortgage assistance relief service. See Hawaii Revised Statutes 480E-2

  • Distressed property consultant: means any person who performs or provides, or attempts to perform or provide, or who arranges for others to perform or provide, or who assists others to perform or provide, or who makes any solicitation, representation, or offer to perform or provide, any mortgage assistance relief service. See Hawaii Revised Statutes 480E-2
  • Distressed property consultant contract: means any agreement or obligation between an owner or agent of an owner of a distressed property and a distressed property consultant. See Hawaii Revised Statutes 480E-2
  • Fully performed: means :

    (1) In the case of relief requiring the consent of any lending party, the distressed property consultant or attorney has:

    (A) Carried out and provided all of the services the distressed property consultant or attorney contracted to perform or represented would be performed; and

    (B) Obtained from the lending party a written offer for mortgage assistance relief that the consumer has accepted by executing the written contract. See Hawaii Revised Statutes 480E-2

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property owner: means the owner of any distressed property. See Hawaii Revised Statutes 480E-2
(b) Cancellation occurs when any distressed property owner delivers, by any means, written notice of cancellation to the address specified in the distressed property consultant contract.
(c) Notice of cancellation, if given by mail, is effective when deposited in the mail with postage prepaid. Notice by certified mail, return receipt requested, addressed to the address specified in the distressed property consultant contract, shall be conclusive proof of notice of cancellation.
(d) Notice of cancellation given by any distressed property owner need not take the particular form as provided with the distressed property consultant contract and, however expressed, is effective if it indicates the intention of the distressed property owner not to be bound by the contract.

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