§484-3  Exemptions.  (a)  [L 2008, c
28, §11 amendment retroactive to July 1, 2006.  L 2008, c 28, §43] 
Unless the method of disposition is adopted for the purpose of evasion of this
chapter, or unless the subdivider files in writing with the director that this
chapter shall apply to the subdivider's subdivision, this chapter shall not
apply to offers or dispositions of an interest in land:



(1)  By a purchaser of subdivided lands for the
purchaser's own account in a single or isolated transaction;



(2)  If fewer than twenty separate lots, parcels,
units, or interests in subdivided lands are offered by a person in a period of
twelve months;



(3)  Where the division of lands is a leasehold
agricultural lot within state agricultural districts on which no dwelling
structures are constructed as provided in section 205-4.5(f);



(4)  On which there is a residential, commercial, or
industrial building, or as to which there is a legal obligation on the part of
the seller to construct a building on the land within two years from the date
of disposition; provided that the obligation to construct shall not be,
directly or indirectly, transferred to or otherwise imposed upon the purchaser;



(5)  To persons who are engaged in, and are duly
licensed to engage in, the business of construction of buildings for resale, or
to persons who acquire an interest in subdivided lands for the purpose of
engaging, and do engage in, and are duly licensed to engage in, the business of
construction of buildings for resale;



(6)  Pursuant to court order;



(7)  By any government or government agency;



(8)  As cemetery lots or interests;



(9)  Registered as a condominium property regime
pursuant to chapter 514A or 514B; or



(10)  Registered as a time share plan pursuant to
chapter 514E.



(b)  Unless the method of disposition is
adopted for the purpose of evasion of this chapter, or unless the subdivider
files in writing with the director that this chapter shall apply to the
subdivider's subdivision, this chapter does not apply to:



(1)  Offers or dispositions of evidence of
indebtedness secured by a mortgage or deed of trust of real estate;



(2)  Offers or dispositions of securities or units of
interest issued by a real estate investment trust regulated under any state or
federal statute;



(3)  A subdivision as to which the plan of disposition
is to dispose to ten or fewer persons;



(4)  Offers or dispositions of securities currently
registered with the commissioner of securities of this State;



(5)  Offers or dispositions of any interest in oil,
gas, or other minerals or any royalty interest therein if the offers or
dispositions of the interests are regulated as securities by the United States
or by the commissioner of securities of this State; and



(6)  Subdivisions of less than twenty lots, parcels,
units, or interests, if the lots, parcels, units, or interests are all located
in jurisdictions requiring the developer prior to sale to provide or post bond
for road access, sewage disposal, water, and other public utilities, if the
requirements have been complied with. [L 1967, c 223, §3; HRS §484-3; am L
1979, c 105, §46; am L 1983, c 175, §2; gen ch 1985; am L 1988, c 65, §2; am L
1992, c 132, §2; am L 1993, c 111, §1; am L 2004, c 164, §16; am L 2005, c 93,
§7; am L 2006, c 271, §2 and c 273, §1; am L 2008, c 14, §1, c 19, §51, and c
28, §11]