HAR §16-104-2. Definitions

Definitions of terms found in section 484-1, HRS, shall be adopted by reference. In addition, the following definitions shall be included: "Current financial statement" means the balance sheet, income statement, and any other financial reports as deemed appropriate by the director for the most recent fiscal year. "Director" means the director of commerce and consumer affairs. "Material change" means any change which either renders the information contained in the application or public offering statement misleading or which substantively affects the rights and obligations of a purchaser or a prospective purchaser of a subdivision lot, such as, but not limited to change in the nature or usage of the subdivision, or change in the underlying encumbrances or restrictive covenants. 104-2 "Public offering statement" means a statement that fully and accurately discloses the physical characteristics of the subdivided lands offered and all unusual or material circumstances or features affecting the subdivided lands. The statement shall incorporate the requirements of section 484-6, HRS. [Eff 8/8/87] (Auth: HRS §484-10) (Imp: HRS §484-10) SUBCHAPTER 2 APPLICATIONS FOR REGISTRATION OR EXEMPTION