(a) In addition to any other legal right to rescind a contract, any distressed property owner has the right to cancel a distressed property conveyance contract, without any penalty or obligation, at any time before the later of midnight of the fifteenth business day following the day on which the last party to a distressed property conveyance contract signs the distressed property conveyance contract or 5:00 p.m. on the last day of the period during which any distressed property owner has the right to cure a default under state law.
contract signature

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Terms Used In Hawaii Revised Statutes 480E-8

  • 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 conveyance: means the transfer of any interest in a distressed property effected directly or indirectly by or through a distressed property consultant. See Hawaii Revised Statutes 480E-2
  • Distressed property conveyance contract: means any agreement or obligation affecting a distressed property conveyance. See Hawaii Revised Statutes 480E-2
  • Distressed property purchaser: means any person who acquires any interest in a distressed property directly or indirectly through a distressed property conveyance or distressed property conveyance 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) The period of fifteen business days following the day on which the last party to a distressed property conveyance contract signs the contract during which any distressed property owner may cancel the contract shall not begin to run until all parties to the distressed property conveyance contract have executed the distressed property conveyance contract and the distressed property purchaser has complied with all the requirements of sections 480E-6, 480E-7, and this section.
(c) Cancellation occurs when any distressed property owner delivers, by any means, and within the time specified under subsection (a), written notice of cancellation to the address specified in the distressed property conveyance contract.
(d) 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 conveyance contract, shall be conclusive proof of notice of cancellation.
(e) Notice of cancellation given by any distressed property owner need not take the particular form as provided with the distressed property conveyance contract and, however expressed, is effective if it indicates the intention of a distressed property owner not to be bound by the contract.
(f) Within fifteen days following receipt of a notice of cancellation given in accordance with this section, the distressed property purchaser shall return, without condition, any and all original contracts and documents signed by any distressed property owner.

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