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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2195 |
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THIRTIETH LEGISLATURE, 2020 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to CONDOMINIUMS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that homeowners who subdivide their property into as few as two units under a condominium property regime are considered developers under chapter 514B, Hawaii Revised Statutes. Section 514B-58, Hawaii Revised Statutes, requires developers to file an annual report and pay a corresponding annual fee of $50 until all units have been sold. This law has unduly burdened homeowner-developers who permanently reside in one of the units and therefore cannot satisfy the requirement of selling every unit to discontinue filing an annual report and paying the annual fee.
The purpose of this Act is to relieve from the burden of filing annual reports and paying the corresponding $50 filing fee every year those individual homeowners who previously subdivided their property into not more than two units, live in one of the units, and have sold the other unit.
SECTION 2. Section 514B-58, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) The developer, its successor, or assign shall
be relieved from filing annual reports pursuant to this section when the
initial sales of all units have been completed[.]; provided that, for
any development:
(1) That consists of
not more than two units;
(2) In which one of
the units is the principal place of residence of the developer, its successor, or
assign; and
(3) For which the initial
sale of the other unit has been completed,
all units shall be considered sold and not subject to this subsection."
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 Statutory material to be repealed is bracketed and stricken.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.
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INTRODUCED BY: |
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Report Title:
Condominium; Developer; Annual Report; Homeowner
Description:
Provides that any unit in a development that consists of not more than 2 units and occupied for 1 year by the developer, its successor, or assign as the principal place of residence shall be considered sold for purposes of satisfying a developer's annual report requirement.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.