(a) An owner of an interest in a time share plan duly registered under this chapter who is not licensed under chapter 467 and provides the name and address of a prospective purchaser or otherwise refers a prospective purchaser of an interest in the same time share plan to a developer, sales agent, or resale agent of the time share plan shall be exempt from licensing requirements under chapter 467; provided that:

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Terms Used In Hawaii Revised Statutes 514E-9.8

  • Developer: means any person that creates a time sharing plan or is in the business of selling time share units. See Hawaii Revised Statutes 514E-1
  • Owner: means any person who owns a time share interest; provided, however, that to the extent and for such purposes as are provided in any agreement of sale, the vendee under such agreement of sale shall be considered the owner of the time share interest. See Hawaii Revised Statutes 514E-1
  • Project: means :

    (1) An individual condominium project;

    (2) Two or more contiguous condominium projects that have been merged and for administrative purposes operate as a single condominium project;

    (3) An individual cooperative housing project;

    (4) An individual subdivision of single-family homes subject to one or more project instruments; or

    (5) An individual subdivision of townhomes subject to one or more project instruments. See Hawaii Revised Statutes 514E-1

  • Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
  • Sales agent: means a person who sells or offers to sell for compensation a time share interest in a time share plan, except a person who acquired a time share interest for the person's own occupancy and later offers it for resale. See Hawaii Revised Statutes 514E-1
  • Time share interest: means any interest in a time share unit or plan which entitles the owner or holder thereof to the use, occupancy or possession of a time share unit on a periodically recurring basis. See Hawaii Revised Statutes 514E-1
  • Time share plan: means any plan or program in which the use, occupancy, or possession of one or more time share units circulates among various persons for less than a sixty-day period in any year, for any occupant. See Hawaii Revised Statutes 514E-1
(1) Any fee paid to the owner shall be in the form of a credit or other nonmonetary compensation and shall not exceed $1,000 per project during any twelve-month calendar period;
(2) The owner shall be limited to providing the name and address of the prospective purchaser and the owner shall not advertise or promote the time share plan or the referral provided to developers, sales agents, or resale agents under this section; and
(3) The developer, sales agent, or resale agent shall provide the owner who received a referral fee with a written receipt that identifies and provides the value of the compensation given.
(b) Nothing in this chapter or in chapter 467, including section 467-14(14), shall be construed to prohibit or prevent a developer, sales agent, or resale agent from entering into a transaction with a time share interest owner pursuant to this section.

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