HI HB2021

Allows timeshare developers to release purchaser funds from escrow after the seven-day cancellation period if the developer posts a surety bond, escrow bond, irrevocable letter of credit, or other financial assurance acceptable to the director.

Requires the bonding company issuing any surety or escrow bond to be unaffiliated with the developer.

Mandates that after purchaser funds are released, the bond or financial assurance must equal or exceed the amount that would otherwise remain in escrow.

Permits use of bonds or financial assurances deposited with other jurisdictions to satisfy requirements if timeshare accommodations are located outside Hawaii.

Requires developers to deposit a copy of each purchaser's purchase agreement with the escrow agent along with funds, negotiable instruments, and purchase money contracts.