§484-7  Notice of filing; inquiry and
examination.  Upon receipt of a complete application for registration in
proper form, including all standardized application forms, if any, prescribed
by the director, the director shall issue a notice of filing to the applicant
subject to section 484-20, and forthwith initiate an examination to determine
that:



(1)  The subdivider can convey or cause to be conveyed
the interest in subdivided lands offered for disposition if the purchaser
complies with the terms of the offer, and when appropriate, that release
clauses, conveyances in trust, or other safeguards have been provided;



(2)  There is reasonable assurance that all proposed
improvements will be completed as represented;



(3)  The advertising material and the general
promotional plan are not false or misleading and comply with the standards
prescribed by the rules adopted by the director and afford full and fair
disclosure;



(4)  The subdivider has not, or if a corporation, its
officers, directors, and principals have not, been convicted of a crime
involving land dispositions or any aspect of the land sales business in this
State, [the] United States, or any other state or foreign country within the
past ten years and has not been subject to any injunction or administrative
order within the past ten years restraining a false or misleading promotional
plan involving land dispositions;



(5)  The public offering statement requirements of
this chapter and the rules have been satisfied;



(6)  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, and the subdivider has established
a mechanism by which the purchaser will receive and sign a receipt for a
written notice of such rescission right and the receipt will be deposited with
the escrow agent; and



(7)  Preliminary or final subdivision approval has
been granted by the county in which the land is situated. [L 1967, c 223, §7;
HRS §484-7; am L 1983, c 175, §6; am L 1992, c 132, §6]