AI-assisted research summary: After a complete registration application is filed, the director must issue a notice of filing and start an examination; the purchaser also gets a 7-day rescission right for certain land purchase contracts.
Upon receipt of a complete application for registration in proper form, including all standardized application forms, if any, prescribed by the director, the director shall issue a notice of filing to the applicant subject to section 484-20, and forthwith initiate an examination to determine that: (1) The subdivider can convey or cause to be conveyed the interest in subdivided lands offered for disposition if the purchaser complies with the terms of the offer, and when appropriate, that release clauses, conveyances in trust, or other safeguards have been provided; (2) There is reasonable assurance that all proposed improvements will be completed as represented; (3) The advertising material and the general promotional plan are not false or misleading and comply with the standards prescribed by the rules adopted by the director and afford full and fair disclosure; (4) The subdivider has not, or if a corporation, its officers, directors, and principals have not, been convicted of a crime involving land dispositions or any aspect of the land sales business in this State, [the] United States, or any other state or foreign country within the past ten years and has not been subject to any injunction or administrative order within the past ten years restraining a false or misleading promotional plan involving land dispositions; (5) The public offering statement requirements of this chapter and the rules have been satisfied; (6) The purchaser has a seven-day period, after signing a contract to purchase subdivided lands from the subdivider, to rescind the contract at no penalty to the purchaser, and the subdivider has established a mechanism by which the purchaser will receive and sign a receipt for a written notice of such rescission right and the receipt will be deposited with the escrow agent; and (7) Preliminary or final subdivision approval has been granted by the county in which the land is situated. [L 1967, c 223, §7; HRS ; am L 1983, c 175, §6; am L 1992, c 132, §6]