SB2275

THE SENATE	S.B. NO.	2275
TWENTY-FOURTH LEGISLATURE, 2008
STATE OF HAWAII

A BILL FOR AN ACT

SECTION 1. Section 508D-1, Hawaii Revised Statutes, is amended by amending the definition of "disclosure statement" to read as follows:

""Disclosure statement" means a written statement prepared by the seller, or at the seller's direction, that purports to fully and accurately disclose all material facts relating to the residential real property being offered for sale that:

(1) Are within the knowledge or control of the seller;

(2) Can be observed from visible, accessible areas; or

(3) Are required to be disclosed under sections 508D-4.5 and 508D-15.

If the residential real property being offered for sale is in a planned community[,] as defined under chapter 421J, "disclosure statement" includes the planned community declaration and association documents as those terms are defined in section 421J-2. Section 508D-15(c) to the contrary notwithstanding, if the property is otherwise subject to restrictions or conditions on use, either because of covenants contained in the deed for the property or because of another recorded document, the "disclosure statement" shall include all documentation relating to such restrictions or conditions, including but not limited to any unrecorded rules or guidelines that may have been issued by any entity responsible for enforcing those restrictions or conditions. Except for the disclosures required under section 508D-15, no seller shall have any duty to examine any public records when preparing a disclosure statement."

SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun, before its effective date.

SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 4. This Act shall take effect on November 1, 2008.

INTRODUCED BY:	_____________________________