Haw. Code R. § 16-106-6 - Copy of disclosure statement to be given to prospective purchasers

(a) A prospective purchaser of any interest or interests in a time share plan shall, before signing a sales contract, be:

(1) Provided with a copy of the disclosure statement which shall be a true, accurate, and complete reproduction or printing of the statement filed with and accepted by the director; and

(2) Given an opportunity to read the statement.

(b) Prospective purchasers receiving a copy of the disclosure statement shall sign a statement acknowledging receipt of the same on a form prescribed by the director; provided that:

(1) The receipt shall be kept at the principal office of the developer, whether the office is located in the State or out-of-state, for a period of two years from the date thereof; and

(2) Upon reasonable notice, the receipt shall be made available for inspection in the State by the director or a representative of the director.

If the receipt is not made available, inspection shall be made at the place where the receipt is kept and any and all costs, including travel expense, per diem, and salary of the inspector, shall be borne by the developer. The director may require the developer to remit in advance the amount of the estimated cost prior to inspection. Failure on the part of the developer to comply with the director's request to remit the amount of the estimated cost may be grounds for cancellation, suspension, or revocation of a registration.

Notes

Haw. Code R. § 16-106-6

[Eff 11/15/80; am and comp 3/28/85; comp 8/30/85; comp 11/29/85; comp 6/5/87; comp 3/7/88; comp 9/15/90] (Auth: HRS § 514E-13) (Imp: HRS § 514E-9)