law

Hawaii Real Estate Recovery Fund

A fund under HRS 467-16 to 467-24 that pays consumers harmed by a licensee's fraud, misrepresentation, or deceit, not simple negligence. The claimant must sue within two years, notify the Commission when the suit is filed, obtain a final judgment, exhaust collection, and give 10 days' notice before seeking a payment order. Limits are $25,000 per transaction plus costs and attorney fees, and $50,000 per licensee. The license terminates automatically on a payment order, with no new license for five years and until repayment with interest.