HB 1220 Summary

• Establishes a new section 514E- for "ministerial amendments" allowing developers to submit expedited updates to disclosure statements for changes to contact information, budgets, assessments, and tax information (effective 20 days after submission) or pending litigation (effective 45 days after submission).

• Adds definitions for "plan documents," "primary plan documents," and "supplementary plan documents" to Chapter 514E, Hawaii Revised Statutes, clarifying what constitutes constituent documents versus instruments that modify or affect the time share plan.

• Eliminates the requirement for developers to file copies of all encumbrances affecting title to time share units during registration, while still requiring submission of primary plan documents, requested supplementary documents, and blanket liens with non-disturbance agreements.

• Modifies disclosure statement requirements to list only primary plan documents and require condominium document descriptions only when purchasers will be direct unit owners in the condominium property regime.

• Takes effect upon approval.