STAND. COM. REP. NO. 215-14
Honolulu, Hawaii
, 2014
RE: H.B. No. 2019
H.D. 1
Honorable Joseph M. Souki
Speaker, House of Representatives
Twenty-Seventh State Legislature
Regular Session of 2014
State of Hawaii
Sir:
Your Committee on Consumer Protection & Commerce, to which was referred H.B. No. 2019 entitled:
"A BILL FOR AN ACT RELATING TO TIME SHARE,"
begs leave to report as follows:
The purpose of this measure is to:
(1) Permit prospective purchasers of time share interests to receive printed or electronic copies of the disclosure statement on the time share plan; and
(2) Amend the renewal process for time share registrations by:
(A) Permitting the developer to disclose either the total number of time share interests or the total number of points in a time share plan;
(B) Eliminating the requirement that developers provide title insurance and title reports; and
(C) Eliminating the requirement that developers file a financial statement with each renewal.
Your Committee has amended this measure by:
(1) Amending the disclosure statement language in order to clearly alert purchasers to read the disclosure statement before the seven-day rescission period expires; and
(2) Requiring developers to include in an application for renewal of a developer registration the total number of registered time share interests in each unit and the total number of registered points in each property.
As affirmed by the record of votes of the members of your Committee on Consumer Protection & Commerce that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2019, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2019, H.D. 1, and be referred to the Committee on Finance.
Respectfully submitted on behalf of the members of the Committee on Consumer Protection & Commerce,
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____________________________ ANGUS L.K. McKELVEY, Chair |
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