Hawaii Revised Statutes 484-1 – Definitions
Terms Used In Hawaii Revised Statutes 484-1
- Commissioner of securities: means the commissioner of securities as defined in § 485A-102. See Hawaii Revised Statutes 484-1
- Common promotional plan: means a plan, undertaken by a single developer or group of developers acting in concert, to offer subdivided land for sale or lease; provided that where such land is offered for sale by the developer or group of developers acting in concert, and the land is contiguous or is known, designated, or advertised as a common unit or by a common name, the land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan. See Hawaii Revised Statutes 484-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 484-1
- Disposition: includes sale, lease, assignment, award by lottery, or any other transaction concerning a subdivision, if undertaken for gain or profit. See Hawaii Revised Statutes 484-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Offer: includes every inducement, solicitation, or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit. See Hawaii Revised Statutes 484-1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, government, or governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, two or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity. See Hawaii Revised Statutes 484-1
- Public offering statement: means a statement that fully and accurately discloses the physical characteristics of the subdivided lands offered and all unusual or material circumstances or features affecting the subdivided lands. See Hawaii Revised Statutes 484-1
- Purchaser: means a person who acquires or attempts to acquire or succeeds to an interest in land. See Hawaii Revised Statutes 484-1
- subdivided lands: means any land which is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units, or interests and also includes any land whether contiguous or not if two or more lots, parcels, units, or interests are offered as a part of a common promotional plan of advertising and sale. See Hawaii Revised Statutes 484-1
When used in this chapter, unless the context otherwise requires:
“Commissioner of securities” means the commissioner of securities as defined in § 485A-102.
“Common promotional plan” means a plan, undertaken by a single developer or group of developers acting in concert, to offer subdivided land for sale or lease; provided that where such land is offered for sale by the developer or group of developers acting in concert, and the land is contiguous or is known, designated, or advertised as a common unit or by a common name, the land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan.
“Director” means the director of commerce and consumer affairs.
“Disposition” includes sale, lease, assignment, award by lottery, or any other transaction concerning a subdivision, if undertaken for gain or profit.
“Material change” means any change which either renders the information contained in the application or public offering statement misleading or which substantively affects the rights or obligations of a purchaser or a prospective purchaser of a subdivision lot, such as, but not limited to, change in the nature or usage of the subdivision, or change in the underlying encumbrances or restrictive covenants.
“Offer” includes every inducement, solicitation, or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit.
“Person” means an individual, corporation, government, or governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, two or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity.
“Public offering statement” means a statement that fully and accurately discloses the physical characteristics of the subdivided lands offered and all unusual or material circumstances or features affecting the subdivided lands. The statement shall include the information and statements required by § 484-6, and any other information or statements required by rules adopted by the director pursuant to chapter 91.
“Purchaser” means a person who acquires or attempts to acquire or succeeds to an interest in land.
“Subdivider” means any owner of subdivided land who offers the land for disposition or the principal agent of an owner, who has been duly authorized in a writing filed with the director.
“Subdivision” and “subdivided lands” means any land which is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units, or interests and also includes any land whether contiguous or not if two or more lots, parcels, units, or interests are offered as a part of a common promotional plan of advertising and sale.