Haw. Code R. § 16-106-4.1 - Subsequent filing registration requirement
(a) A
developer shall submit the following to the director for the purpose of
annexing any unit or units to a registered time share plan; provided that no
subsequent filing application for registration of the additional unit or units
shall be deemed complete, nor shall the same be accepted for registration,
unless the prescribed information is provided separately tabbed and numbered in
the exact order as follows:
(1) A subsequent
filing application for registration on a form prescribed by the
director;
(2) A copy of the
declaration of annexation, if applicable, which contains the following:
(A) A legal description of the unit or units
to be annexed, as well as the names and addresses of the record owner or owners
thereof;
(B) A statement submitting
each annexed unit to the declaration of covenants, conditions and restrictions
for the time share plan, which declaration shall be identified by title and
recording data; and
(C) A schedule
of the use periods for each annexed unit;
(3) A revised disclosure statement reflecting
the annexation of the unit or units to the time share plan; provided that this
subsection shall not be subject to the requirements of section
16-106-16;
(4) A current financial
statement not more than ninety days old at the time of submission of the
application, prepared in accordance with generally accepted accounting
principles and certified by the developer or a certified public accountant to
be true and correct in all respects and to fairly, completely, and accurately
represent the financial condition of the subject thereof as of the respective
date thereof; provided that in lieu of this financial statement, an audited
financial report may be submitted if it is the most current report of the
subject thereof and is not more than fifteen months old at the time of
submission of the application. Any false, misleading, or fraudulent financial
statement or report submitted by the developer shall be grounds for
cancellation, suspension, or revocation of a registration;
(5) For each unit to be annexed, a policy of
title insurance, preliminary title report, abstract of title, or certificate of
title not more than sixty days old at the time of submission of the
application; provided that the policy of title insurance, preliminary title
report, abstract of title, or certificate of title discloses the status of
ownership of the unit and any and all liens and encumbrances affecting the
unit;
(6) Copies of all
encumbrances against title to each unit to be annexed; provided that copies of
encumbrances included with the initial application for registration of the time
share plan or any prior subsequent filing application accepted by the
department in connection with the plan may be incorporated by
reference;
(7) Confirmation by the
respective county that the time share plan meets the geographic limitation
requirements of section
514E-5,
HRS; provided that this confirmation of zoning shall be obtained from the
respective county not more than thirty days before the date of submission of
the application. The director shall prescribe a form to be completed by the
proper county authority evidencing this confirmation of zoning; and
(8) The registration fee.
(b) A developer shall notify the
director in writing of any material change in any information submitted to the
director pursuant to this section within twenty days of any material change.
Failure to notify the director of any material change in the information
submitted shall be grounds for cancellation, suspension, or revocation of a
registration.
(c) Any subsequent
filing application for registration required by this section shall be deemed
accepted if the director has not acted upon the application within sixty days
following receipt of the same; except that this subsection shall not apply to
any application which is incomplete and does not contain all of the information
required to be submitted to the director under this section.
(d) The registration fee required by this
section shall be in the form of a cashier's check or certified check made
payable to the "Department of Commerce and Consumer Affairs" in the amount
specified in chapter 16-53, Hawaii Administrative Rules.
(e) The registration fee shall be paid upon
submission of a registration application. Applications shall not be accepted
for department review unless accompanied by the requisite fee.
(f) The format for subsequent filing
registration shall be prescribed by the director.
Notes
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