HRS §514B-51
When a developer must register a project before selling units
A developer cannot sell units in a project unless the project is registered with the commission and the commission has issued an effective date for the developer's public report. There are some exceptions, like selling only nonresidential units for a high price or selling units in bulk to another developer. If units are later sold to the public after a bulk sale, registration and public report rules apply again.
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The statute, as written — Registration required; exceptions
(a) A developer may not offer for sale any units in a project unless the project is registered with the commission and an effective date for the developer's public report is issued by the commission. (b) The registration requirement of this section shall not apply to: (1) The disposition of units exempted from the developer's public report requirements pursuant to section 514B‑81(b); (2) Projects in which all units are restricted to nonresidential uses and all units are to be sold for $1,000,000 or more; or (3) The sale of units in bulk, such as where a developer undertakes to develop and then sells all or a portion of the developer's entire inventory of units to a purchaser who is a developer. The registration requirements of this section and the developer's amended developer's public report requirements of section 514B‑56 shall apply to any sale of units to the public following a sale of units in bulk.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.