§516-33 Qualification for purchase. (a) Except as otherwise provided under section 516-28, no application to purchase shall be accepted nor shall any sale of any residential houselot within a development tract be made to any person unless the person meets the following requirements:
(b) The amount set by the corporation for the leased fee interest in the lot for which the lessee must obtain a letter of credit, certificate of deposit, proof of funds, or approved application for loan pursuant to [subsection (a)(4)] shall not be admissible for any reason in any action, suit, or proceeding brought under this chapter. Any financial information the corporation may request and obtain from the lessees shall not be discoverable or admissible in any action, suit, or proceeding brought under this chapter.
(c) In the event of a wilful breach of contract of a lessee to purchase the leased fee interest, the corporation may sell or assign its interest without respect to the requirements of this section.
(d) The corporation may require additional testimony or evidence under oath in connection with any application. The determination by the corporation of any applicant's eligibility under this part shall be conclusive as to all persons thereafter dealing with the property; provided that the making of any false statement knowingly by applicants or other person in connection with any application shall constitute perjury and shall be punishable as such. The corporation shall adopt rules pursuant to chapter 91 to effectuate the purposes of this section. [L 1967, c 307, §22; HRS §516-33; am L 1972, c 2, §30; am L 1975, c 184, §2(13); am L 1978, c 140, §2; am L 1980, c 39, §3; am L 1983, c 204, §1; gen ch 1985; am L 1987, c 337, §16; am L 1988, c 104, §2; am L 1992, c 158, §2; am L 1993, c 326, §3; am L 1997, c 350, §14; am L 2005, c 196, §26(b); am L 2006, c 180, §16]