Haw. Code R. § 16-106-16 - Material change in disclosure statement
(a) A
developer shall notify the director in writing of any material change or
changes in the disclosure statement for the developer's time share
plan.
(b) A developer shall amend
or supplement the disclosure statement by submitting to the director a
supplemental disclosure statement which shall specify, in detail, the material
change or changes which have occurred, within twenty days after the material
change or changes become known to the developer.
(c) Upon acceptance of the supplemental
disclosure statement by the director, a true, accurate, and complete copy of
the statement shall be given to each purchaser adversely affected by the
material change or changes and to each prospective purchaser. A receipt from
each purchaser and prospective purchaser shall be obtained and filed as
provided in section 16-106-6(b). The developer shall not be in violation of
this chapter if the purchaser fails to return the receipt and the developer is
able to verify that a statement was sent to the purchaser.
(d) The director may independently determine
that a material change has occurred and require the developer to prepare a
supplemental disclosure statement disclosing the material change or changes in
a form approved by the director.
(e) Where the purchaser has received title by
instrument of record in the sale of an interest in an ownership plan, the
developer is under no obligation to give the purchaser a supplemental
disclosure statement.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.