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Hawaii Revised Statutes Division 3. Property; Family § 514B-71

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The commission shall establish a condominium education trust fund that the commission shall use for educational purposes. Educational purposes shall include financing or promoting:

(1) Education and research in the field of condominium management, condominium project registration, and real estate, for the benefit of the public and those required to be registered under this chapter;

(2) The improvement and more efficient administration of associations;

(3) Expeditious and inexpensive procedures for resolving association disputes;

(4) Support for mediation of condominium related disputes; and

(5) Support for voluntary binding arbitration between parties in condominium related disputes, pursuant to section 514B-162.5.

(b) The commission shall use all moneys in the condominium education trust fund for purposes consistent with subsection (a). Any law to the contrary notwithstanding, the commission may make a finding that a fee adjustment is appropriate and adjust the fees paid by associations to regulate the fund balance to an appropriate level to maintain a reasonable relation between the fees generated and the cost of services rendered by the condominium education trust fund. For the purposes of finding that a fee adjustment is appropriate in order to maintain a reasonable relation between the fees generated and the cost of services rendered by the fund, the commission's review shall include the following:

(1) Frequency and timing of anticipated revenue to the fund;

(2) Identification of a reserve amount based on unanticipated revenue reductions and historical expenditures;

(3) Anticipated expenses paid, including recovery payouts during a biennial budget cycle;

(4) Unanticipated natural disasters or catastrophic weather events that may increase fund payments; and

(5) Any statutory adjustments to fund payout amounts.

The balance of the fund shall not exceed a sum determined by the commission. The sum shall be determined by the commission biennially.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 3. Property; Family § 514B-71 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-3-property-family/hi-rev-st-sect-514b-71/

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