Section 15-216-43 - Effects of subsequent rule amendments(a) In the case of subsequent rule amendments, reserved housing owners shall be permitted at their election to: (1) Remain subject to the rules in effect at the time of the purchase of the unit, or(2) Be governed by the amended rules.(b) The authority, or any other entity that the authority transfers the reserved housing to shall notify all reserved housing owners of any change made by law, ordinance, rule or regulation within one hundred eighty days of such changes. Such notice shall clearly state the enacted or proposed new provisions, the date upon which they are to be effective and offer to each owner of reserved housing units constructed and sold prior to the effective date, an opportunity to be governed by such new provision.(c) No reserved housing unit owner shall be entitled to modify the restrictions or conditions on use, transfer, or sale of the reserved housing unit, without the written permission of the holder of a duly-recorded first mortgage on the unit and the owner of the fee simple or leasehold interest in the land underlying the unit.(d) This section shall apply to all reserved housing units developed, constructed and sold pursuant to this chapter. [Eff OCT 27 2012] (Auth: HRS §§ 206E-4, 206E-5, 206E-7) (Imp: HRS §§ 206E-4, 206E-5, 206E-7)