STAND. COM. REP. NO. 2568

                                   Honolulu, Hawaii
                                                     , 2000

                                   RE:  S.B. No. 3160
                                        S.D. 2




Honorable Norman Mizuguchi
President of the Senate
Twentieth State Legislature
Regular Session of 2000
State of Hawaii

Sir:

     Your Committee on Ways and Means, to which was referred S.B.
No. 3160, S.D. 1, entitled: 

     "A BILL FOR AN ACT RELATING TO THE SALE OF RESIDENTIAL
     CONDOMINIUM APARTMENTS TO OWNER-OCCUPANTS,"

begs leave to report as follows:

     The purpose of this bill is to set forth sales and marketing
requirements that give priority to the sale of residential
condominium apartments to owner occupants, without hampering a
developer's need to maintain flexibility in an ever-changing
market.  Among other things, this bill reduces the time period
during which at least fifty per cent of the apartments being sold
must be offered only to owner-occupants to thirty days.  The bill
also allows a thirty day extension to the owner-occupants between
the date of the announcement of sale and the signing of the
agreement of sale to provide for any delays in obtaining
financing.  

     Your Committee finds that owner occupants continue to
benefit from some kind of presale notice and offer in new
developments.  However, the real estate market today is not the
same as it was a decade ago.  Therefore, the amendments presented
in this bill still provide consumers benefits for home ownership,
but will allow the developer some flexibility in offering new
condominium units to first-time owner-occupant buyers.

 
a                                                     SB3160 SD2
 
 
 
                                   STAND. COM. REP. NO. 2568
                                   Page 2


     Your Committee has made a technical nonsubstantive amendment
to this bill at page 15, line 20 to ensure that the text of that
statutory provision is identical to the printed version of the
Hawaii Revised Statutes.

     As affirmed by the record of votes of the members of your
Committee on Ways and Means that is attached to this report, your
Committee is in accord with the intent and purpose of S.B. No.
3160, S.D. 1, as amended herein, and recommends that it pass
Third Reading in the form attached hereto as S.B. No. 3160, S.D.
2.

                                 Respectfully submitted on behalf
                                 of the members of the Committee
                                 on Ways and Means,



                                 ________________________________
                                 CAROL FUKUNAGA, Co-Chair



                                 ________________________________
                                 ANDREW LEVIN, Co-Chair

 
a                                                     SB3160 SD2