[§480E-7]  Right to cancel a
distressed property conveyance contract.  (a)  A distressed property
conveyance contract shall contain, immediately before the space reserved for
all the distressed property owners' signatures, the following notice of right
to cancel a distressed property conveyance contract in a type size no smaller
than fourteen-point boldface type, completed with the correct date and time of
day on which the cancellation right ends:



"YOU
MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE, WITHOUT ANY PENALTY OR
OBLIGATION, AT ANY TIME BEFORE (Date and time of day).  SEE THE ATTACHED NOTICE
OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT."



(b)  A distressed property conveyance contract
shall be accompanied by the following notice of cancellation form, in
duplicate, attached to the contract and easily detachable, in a type size no
smaller than fourteen-point boldface type, completed with the date the contract
was last signed, the name of the distressed property purchaser, the address where
notice of cancellation is to be delivered, and the correct date and time of day
on which the cancellation right ends:



"NOTICE
OF CANCELLATION



 



(Enter date contract
last signed)



(Date)



YOU MAY
CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOME, WITHOUT ANY PENALTY OR
OBLIGATION, AT ANY TIME BEFORE THE LATER OF MIDNIGHT OF THE FIFTEENTH BUSINESS
DAY FOLLOWING THE DAY ON WHICH THE LAST PARTY TO A DISTRESSED PROPERTY
CONVEYANCE CONTRACT SIGNS THE DISTRESSED PROPERTY CONVEYANCE CONTRACT OR 5:00 P.M.
ON THE LAST DAY OF THE PERIOD DURING WHICH ANY OWNER OF A DISTRESSED PROPERTY
HAS THE RIGHT TO CURE THE DEFAULT UNDER HAWAII LAW.



 



TO CANCEL
THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF
CANCELLATION, OR ANY OTHER WRITTEN NOTICE OF CANCELLATION, TO (Name of
distressed property purchaser) AT (Address where notice of cancellation
is to be delivered) NOT LATER THAN (Enter date and time of day).



 



I HEREBY
CANCEL THIS TRANSACTION.



 



_________________________



(DATE)



_____________________________




(Seller's signature)"



[L 2008, c 137, pt of §2]