[§480E-6]  Distressed property
conveyance contract.  (a)  A distressed property conveyance contract shall
be in writing and shall fully disclose all rights and obligations of the
distressed property purchaser and all owners of the distressed property and all
terms of any agreements between the distressed property purchaser and all
owners of the distressed property.



(b)  Every distressed property conveyance
contract shall specifically include the following terms:



(1)  The total consideration to be given by the
distressed property purchaser or tax lien payor in connection with or incident
to the distressed property conveyance;



(2)  A complete description of the terms of payment or
other consideration including any services of any nature that the distressed
property purchaser represents will be performed for any owner of the distressed
property before or after the distressed property conveyance;



(3)  A complete description of the terms of any
related agreement designed to allow any owner of the distressed property to
remain in the distressed property, such as a rental agreement, repurchase
agreement, contract for deed, or lease with option to buy;



(4)  All notices as provided in this chapter;



(5)  The following notice, in a type size no smaller
than fourteen-point boldface type, completed with the name of the distressed
property purchaser, shall appear immediately above the notice of right to
cancel a distressed property conveyance contract required by section 480E-7(a):



"NOTICE
REQUIRED BY HAWAII LAW



UNTIL
YOUR RIGHT TO CANCEL THIS CONTRACT HAS ENDED, (Name of distressed property
purchaser) OR ANYONE WORKING FOR (Name of distressed property purchaser)
CANNOT ASK YOU TO SIGN OR HAVE YOU SIGN ANY DEED OR ANY OTHER DOCUMENT.  YOU
ARE URGED TO HAVE THIS CONTRACT REVIEWED BY AN ATTORNEY OF YOUR CHOICE WITHIN
FIFTEEN BUSINESS DAYS OF SIGNING IT."; and



(6)  If title to the distressed property will be
transferred in the conveyance transaction, the following notice, in a type size
no smaller than fourteen-point boldface type, completed with the name of the
distressed property purchaser, shall appear immediately below the notice
required by paragraph (5):



"NOTICE
REQUIRED BY HAWAII LAW



AS
PART OF THIS TRANSACTION, YOU ARE GIVING UP TITLE TO YOUR HOME."



(c)  A distressed property conveyance contract
shall contain on its first page in a type size no smaller than fourteen-point
boldface type:



(1)  A description of the distressed property;



(2)  The name, street address, and telephone number of
the distressed property purchaser; and



(3)  The name and address of the distressed property
purchaser to which notice of cancellation is to be delivered.



(d)  A distressed property conveyance contract
shall be dated and signed by the distressed property purchaser.  If the distressed
property purchaser is a person other than an individual, the individual
executing the distressed property conveyance contract on behalf of the
distressed property purchaser shall identify the title and office held by the
individual.



(e)  A distressed property conveyance contract
shall be dated and signed by all owners of the distressed property.



(f)  The distressed property purchaser shall
provide each distressed property owner with a copy of the distressed property
conveyance contract and attached notice of cancellation form immediately upon
execution by all parties to the distressed property conveyance contract.  A
distressed property conveyance contract shall not be effective until all
parties to the distressed property conveyance contract have signed the
contract.



(g)  Pursuant to chapter 501 or 502, the
distressed property purchaser shall record the distressed property conveyance
contract no earlier than fifteen days after its execution but no later than
twenty days after its execution; provided that the contract has not been
canceled, or no later than fifteen days after the last day any distressed
property owner has the right to cure a default under state law, whichever is
later. [L 2008, c 137, pt of §2]