Hawaii HB1586 amends definitions related to cooperative housing corporations and community association managers.

Hawaii HB1586 amends the definitions in Hawaii Revised Statutes concerning cooperative housing corporations and community association managers. It specifies that a cooperative housing corporation must have one class of stock, allow tenant shareholders to occupy units based on stock ownership, prohibit distributions to shareholders except during liquidation, and derive most income from tenant shareholders. It also defines "community association manager" as a person responsible for managing a community association, such as a condominium or homeowners association.

Hawaii HB1586 amends definitions related to cooperative housing corporations and community association managers.

Hawaii HB1586 amends the definitions in Hawaii Revised Statutes concerning cooperative housing corporations and community association managers. It specifies that a cooperative housing corporation must have one class of stock, allow tenant shareholders to occupy units based on stock ownership, prohibit distributions to shareholders except during liquidation, and derive most income from tenant shareholders. It also defines "community association manager" as a person responsible for managing a community association, such as a condominium or homeowners association.