Kenji purchases a time share interest at a Big Island resort and exercises his right of rescission on the fifth calendar day after signing. The developer acknowledges the rescission but informs Kenji that it will take 45 days to process his refund. Under HRS Chapter 467B, which of the following best describes the developer's refund obligation?
Correct Answer
A) The developer must refund all payments within 30 calendar days after receiving the notice of rescission
Under HRS Chapter 467B, when a time share purchaser validly exercises the right of rescission, the developer is required to refund all payments made by the purchaser within 30 calendar days after receiving the notice of rescission. The developer's claim that it needs 45 days is not consistent with the statutory refund deadline, and the developer is obligated to complete the refund within the 30-day period.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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