HI SB1131

Amends Hawaii Revised Statutes Chapter 514E to include fractional ownership interests in joint homeownership limited liability companies and similar entities within the definition of "time share interest"

Expands the definition of "time share plan" to cover fractional ownership plans for joint homeownership limited liability companies or other entities where use circulates among various persons for less than 60 days per year for any occupant

Allows state and county governments to extend time share regulations and tax provisions to these new joint ownership entities, closing a perceived loophole used by mainland companies to avoid local taxes and regulations

Effective date of July 1, 2050

Does not affect rights, duties, penalties, or proceedings that occurred before the law's effective date