§514B-67 - Termination of registration. - Hawaii Statutes

     [§514B-67]  Termination of registration.  (a)  The commission, after notice and hearing, may issue an order terminating the registration of a condominium project upon determination that a developer, or any officer, principal, or affiliate of a developer has:

     (1)  Failed to comply with a cease and desist order issued by the commission affecting that condominium project;

     (2)  Concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of units in that condominium project;

     (3)  Failed to perform any stipulation or agreement made to induce the commission to issue an order relating to that condominium project;

     (4)  Misrepresented or failed to disclose a material fact in the application for registration; or

     (5)  Failed to meet any of the conditions described in this part necessary to qualify for registration.

     (b)  A developer may not convey, cause to be conveyed, or contract for the conveyance of any interest in a unit while an order revoking the registration of the condominium project is in effect, without the consent of the commission.

     (c)  The commission may issue a cease and desist order in lieu of an order of revocation where appropriate. [L 2005, c 93, pt of §3]