Exempts time shares offered for sale outside of the State from the requirements of section 514E-8 (mutual right to cancel) and section 514E-9 (disclosure statement); clarifies provisions for foreign and other jurisdictions that do not regulate time share sales, provide for a cancellation period, or require a disclosure statement. (SD1)

A BILL FOR AN ACT

SECTION 1. Section 514E-30, Hawaii Revised Statutes, is amended to read as follows:

"§514E-30 Scope of chapter. This chapter applies to the offer and sale in Hawaii of time share interests in time share units located in Hawaii. If time share units are located outside of Hawaii, but any offer or sale is made within the State, this chapter, except for sections 514E-3, 514E-4, 514E-5, 514E-6, 514E-7, and 514E-14, shall apply. As to the offer and sale outside of Hawaii of time share interest in a time share plan which includes time share units located in Hawaii, this chapter, except for sections 514E-2.5, 514E-8, 514E-9, 514E-10(b) and (c), 514E-11, and 514E-11.1 shall apply[.]; provided that this chapter, except for sections 514E-2.5, 514E-10(b) and (c), 514E-11, and 514E-11.1, shall apply to offers and sales made in foreign jurisdictions and in jurisdictions that do not regulate the offer and sale of time share interests, or do not provide for a cancellation period, or require that a disclosure statement be given to purchasers."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.