Permits the director to accept for registration a disclosure statement from a jurisdiction outside Hawaii if their requirements are substantially similar or more restrictive than Hawaii's.

A BILL FOR AN ACT

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

"§514E-30 Scope of chapter. (a) This chapter applies to the offer and sale in Hawaii of time share interests in time share units located in Hawaii.

(b) 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. The director may accept a disclosure statement under section 514E-10(a) for a time share unit located outside this State, without meeting the specific requirements under section 514E-9, if the disclosure statement requirements of the other jurisdiction are substantially similar to, or more restrictive than, the requirements of this chapter.

(c) 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-10(b) and (c), 514E-11, and 514E-11.1 shall apply."

SECTION 2. New statutory material is underscored.

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