§484-3 Exemptions. (a) Unless the method of disposition is adopted for the purpose of evasion of this chapter, or unless the subdivider files in writing with the director that this chapter shall apply to the subdivider's subdivision, this chapter shall not apply to offers or dispositions of an interest in land:

(1) By a purchaser of subdivided lands for the purchaser's own account in a single or isolated transaction;

(2) If fewer than twenty separate lots, parcels, units, or interests in subdivided lands are offered by a person in a period of twelve months;

(3) Where the division of lands is a leasehold agricultural lot within state agricultural districts on which no dwelling structures are constructed as provided in section 205-4.5(f);

(4) On which there is a residential, commercial, or industrial building, or as to which there is a legal obligation on the part of the seller to construct a building on the land within two years from the date of disposition; provided that the obligation to construct shall not be, directly or indirectly, transferred to or otherwise imposed upon the purchaser;

(5) To persons who are engaged in, and are duly licensed to engage in, the business of construction of buildings for resale, or to persons who acquire an interest in subdivided lands for the purpose of engaging, and do engage in, and are duly licensed to engage in, the business of construction of buildings for resale;

(6) Pursuant to court order;

(7) By any government or government agency;

(8) As cemetery lots or interests;

(9) Registered as a condominium property regime pursuant to chapter 514B or any predecessor thereto; or

(10) Registered as a time share plan pursuant to chapter 514E.

(b) Unless the method of disposition is adopted for the purpose of evasion of this chapter, or unless the subdivider files in writing with the director that this chapter shall apply to the subdivider's subdivision, this chapter does not apply to:

(1) Offers or dispositions of evidence of indebtedness secured by a mortgage or deed of trust of real estate;

(2) Offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under any state or federal statute;

(3) A subdivision as to which the plan of disposition is to dispose to ten or fewer persons;

(4) Offers or dispositions of securities currently registered with the commissioner of securities of this State;

(5) Offers or dispositions of any interest in oil, gas, or other minerals or any royalty interest therein if the offers or dispositions of the interests are regulated as securities by the United States or by the commissioner of securities of this State; and

(6) Subdivisions of less than twenty lots, parcels, units, or interests, if the lots, parcels, units, or interests are all located in jurisdictions requiring the developer prior to sale to provide or post bond for road access, sewage disposal, water, and other public utilities, if the requirements have been complied with. [L 1967, c 223, §3; HRS §484-3; am L 1979, c 105, §46; am L 1983, c 175, §2; gen ch 1985; am L 1988, c 65, §2; am L 1992, c 132, §2; am L 1993, c 111, §1; am L 2004, c 164, §16; am L 2005, c 93, §7; am L 2006, c 271, §2 and c 273, §1; am L 2008, c 14, §1, c 19, §51, and c 28, §11; am L 2017, c 181, §20]