§484-6  Public offering statement.  (a) 
A public offering statement shall disclose fully and accurately the physical
characteristics of the subdivided lands offered and shall make known to
prospective purchasers all unusual and material circumstances or features
affecting the subdivided lands.  The proposed public offering statement
submitted to the director shall be in a form prescribed by the director's rules
and shall include, but not be limited to, the following:



(1)  The name and principal address of the subdivider;



(2)  A general description of the subdivided lands
stating the total number of lots, parcels, units, or interests in the offering;



(3)  The significant terms of any encumbrances,
easements, current or proposed liens, and restrictions, including zoning and
other regulations affecting the subdivided lands and each unit or lot, and a
statement of all existing taxes and existing or proposed special taxes or
assessments which affect the subdivided lands;



(4)  A statement of the use for which the property is
offered;



(5)  Information concerning improvements, including
streets, water supply, levees, drainage control systems, irrigation systems,
sewage disposal facilities, and customary utilities, and the estimated cost,
date of completion, and responsibility for construction and maintenance of
existing and proposed improvements which are referred to in connection with the
offering or disposition of any interest in subdivided lands;



(6)  Additional information required by the director
to assure full and fair disclosure:



(A)  To prospective purchasers; or



(B)  To obtain, or as a result of having
obtained, certification by the Secretary of the Department of Housing and Urban
Development pursuant to 15 United States Code section 1708;



(7)  A statement which indicates the existing zoning
and the land use designation of each lot and the proposed use of each lot in
the subdivision, to include without limitation such uses as roadway lots,
residential dwellings, churches, agriculture, hospitals, schools, low density
apartments, high density apartments and hotels, and a subdivision map which
shows such information; and



(8)  A statement that the purchaser has a seven-day
period, after signing a contract to purchase subdivided lands from the
subdivider, to rescind the contract at no penalty to the purchaser.



(b)  The public offering statement shall not be
used for any promotional purposes before registration of the subdivided lands
and afterwards only if it is used in its entirety.  No person may advertise or
represent that the director approves or recommends the subdivided lands or
disposition thereof.  No portion of the public offering statement, except for
headings, may be underscored, italicized, or printed in larger or heavier or
different color type than the remainder of the statement unless the director
requires it or as prescribed in rules adopted in accordance with chapter 91.



(c)  The director may require the subdivider to
alter or amend the proposed public offering statement in order to assure full
and fair disclosure to prospective purchasers, and no change in the substance
of the promotional plan or plan of disposition or development of the
subdivision may be made after registration without notifying the director and
without making appropriate amendment of the public offering statement.  A
public offering statement is not current unless all amendments are
incorporated. [L 1967, c 223, §6; HRS §484-6; am L 1970, c 47, §2; am L 1983, c
175, §5; am L 1992, c 132, §5]