Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 104 - UNIFORM LAND SALES PRACTICES
Subchapter 7 - ROAD MAINTENANCE FUND
Section 16-104-47 - Creation of road maintenance funds
Universal Citation: HI Admin Rules 16-104-47
Current through August, 2024
(a) The application for registration and the public offering statement shall include a complete description of any fund which is created to provide for the maintenance of roads within the subdivision. This description shall include the following information:
(1) A description of the method
by which decisions are made about the use of such funds, including what voting
rights each property owner has, whether a property owner must join a community
association or similar organization in order to vote, whether there are any
other conditions which must be met prior to exercising the right to vote, and
how much each owner must pay to the fund and how often; and
(2) A description of how the funds will be
managed and by whom, where the funds will be deposited and whether the funds
will be federally insured in that depository, whether interest will be earned
on deposit and what kind of reports on the funds will be made to property
owners.
(b) The disclosures concerning road maintenance funds, if applicable, shall be separately stated and identified in language clear to owners and prospective owners.
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