Bill Text: HI HB1712 | 2018 | Regular Session | Amended
Bill Title: Relating To Condominiums.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-03-21 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to CPH. [HB1712 Detail]
Download: Hawaii-2018-HB1712-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1712 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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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. Section 514B-95.5, Hawaii Revised Statutes, is amended to read as follows:
"[[]§514B-95.5[]]
Announcement or advertisement; publication. At least once in each of two
successive weeks, and at any time following the issuance of an effective date
of the first developer's public report for the condominium project, the
developer shall cause to be published in at least one newspaper published daily
in the State with a general circulation in the county in which the project is
to be located, and, if the project is located other than on the island of Oahu,
in at least one newspaper that is published at least weekly in the county in
which the project is to be located, an announcement or advertisement containing
at least the following information:
(1) The location of the project;
(2) The minimum price of the residential units;
(3) A designation as to whether the residential units are to be sold in fee simple or leasehold;
(4) A statement that for a thirty-day period
following the initial date of sale of the condominium project, at least [fifty]
ninety per cent of the residential units being marketed shall be offered
only to prospective owner-occupants;
(5) The name, telephone number, and address of the developer or other real estate broker designated by the developer that an interested individual may contact to secure an owner-occupant affidavit, developer's public report, and any other information concerning the project; and
(6) If applicable, a statement that the residential units will be offered to prospective purchasers through a public lottery."
SECTION 2. Section 514B-96, Hawaii Revised Statutes, is amended to read as follows:
"[[]§514B-96[]]
Designation of residential units. (a) The developer of any project
containing residential units shall designate at least [fifty] ninety
per cent of the units for sale to prospective owner-occupants pursuant to
section 514B‑98. The designation shall be set forth either in the
developer's public report or in the announcement or advertisement required by
section 514B‑95.5, and may be set forth in both. The units shall
constitute a proportionate representation of all the residential units in the
project with regard to factors of square footage, number of bedrooms and
bathrooms, floor level, and whether or not the unit has a lanai.
(b) A developer shall have the right to substitute a unit designated for owner-occupants with a unit that is not so designated; provided that the units shall be similar with regard to the factors enumerated in subsection (a). The substitution shall not require the developer's submission of a supplementary developer's public report."
SECTION 3. Section 514B-98, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) For a thirty-day period following
the initial date of sale of units in a condominium project, at least [fifty]
ninety per cent of the units being sold shall be offered for sale only
to prospective owner-occupants; provided that, notwithstanding this
subpart, in the case of a project that includes one or more existing structures
being converted to condominium status, each residential unit contained in the
project first shall be offered for sale to any individual occupying the unit
immediately prior to the conversion and who submits an owner-occupant affidavit
and an earnest money deposit in a reasonable amount designated by the
developer."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on January 1, 2050.
Report Title:
Condominium; Residential Units; Sale; Owner-Occupants
Description:
Increases the minimum number of residential units in a condominium project that must be offered for sale to prospective owner-occupants in the thirty-day period following the initial date of sale of the condominium from 50 percent to 90 percent. (HB1712 HD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
