HI SB754

Provides a seven-day cancellation right for short-term product buyers, with full refund of 100% of consideration paid without deduction and any waiver provision is void.

Requires short-term product sellers to disclose in conspicuous type information about reservation availability, blackout dates, credit toward time share purchases, and transient accommodations tax obligations.

Allows developers to release 90% of purchaser funds from escrow prior to closing after the seven-day cancellation period expires if developer posts a surety bond or letter of credit acceptable to the director.

Requires surety bonds to be issued by state-authorized, non-affiliated bonding companies and provides that either the director or escrow agent may declare default and demand refunds within 30 days if developer fails to refund deposits.

Establishes a maximum 24-month closing deadline for time share sales contracts unless director approval for longer period is obtained, with purchaser right to cancel if closing does not occur by deadline.