HRS §485A-204

When the state can take away an exemption

Read the official text at capitol.hawaii.gov ↗

The state can cancel, pause, or limit certain exemptions from securities rules for a specific security or deal, but not for federal covered securities. This can only happen by following specific procedures and only for future actions, not past ones.

businessesstate agencies

The statute, as written — Denial, suspension, revocation, condition, or limitation of exemptions

A copy, taken August 20, 2026. The version published by the Legislature is the one that governs, and it may have changed since. Check it before relying on anything here.

Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under section 485A-201(3)(C), 485A-201(7), 485A-201(8), or 485A-202, or an exemption or waiver created under section 485A-203 with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in section 485A-305(d) or 485A-604, and only prospectively.

Read the official text at capitol.hawaii.gov ↗as published Jan 6, 2026our copy taken Aug 20, 2026

Sections this one refers to

§485A-201 Which securities are exempt from registration requirements

§485A-203 Exemptions and waivers for securities and offers

§485A-305 When the state can stop, suspend, or cancel a securities registration

LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.