§ 18-14-405. Material changes
(a) The developer shall amend or supplement the public offering statement to report any material change in the information required by § 18-14-404. (b) The developer shall use the written materials that are supplied to it by an exchange program for distribution to the time-share interest owners as the materials are received.
§ 18-14-406. Other statutes not applicable
(a) A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following: (1) Arkansas Securities Act, § 23-42-101 et seq.; or (2) Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers. (b) (1) A […]
§ 18-14-407. Escrow accounts — Other financial assurances
(a) Any deposit made with the purchase or reservation of a time-share interest from a developer shall be placed in a noninterest-bearing escrow account and held in this state, or other jurisdiction that is acceptable to the Arkansas Real Estate Commission, in a designated account by an independent bonded escrow company or in an institution […]
§ 18-14-408. Guarantees for completion of time-share properties
(a) (1) If a developer contracts to sell a time-share interest and the construction, furnishings, and landscaping of the time-share property have not been substantially completed according to the representations made by the developer in the disclosures under this chapter, the developer shall pay into an escrow account established and held in this state, in […]
§ 18-14-303. Provisions for management and operation of time-share estate plans
The time-share instruments for a time-share estate plan offered in this state shall prescribe reasonable arrangements for management and operation of the time-share plan or time-share property and for the maintenance, repair, and furnishing of accommodations including: (1) Establishment of an association of time-share estate owners; (2) Adoption of bylaws for organizing and operating the […]
§ 18-14-409. Mutual rights of cancellation
(a) (1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement. (2) The contract is voidable by the purchaser until he or she has received […]
§ 18-14-304. Developer control period
(a) The time-share instruments for a time-share estate plan may provide for a length of time, known as the “developer control period”, during which the developer, or a managing agent selected by the developer, may manage the time-share plan and the accommodations in the time-share plan. (b) If the time-share instruments for a time-share estate […]
§ 18-14-410. Liens
(a) (1) Before a transfer of a time-share interest, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interest or shall provide a surety bond or other insurance against the lien from a company acceptable to the Arkansas Real Estate Commission; or (2) An underlying lien shall contain […]
§ 18-14-305. Instruments establishing time-share uses
A project instrument or time-share instrument that establishes time-share uses containing accommodations located or offered in this state shall contain: (1) Identification by name of the time-share plan and street address where the time-share plan is situated; (2) Identification of the time periods, type of accommodations, the accommodations that are in the time-share plan and […]
§ 18-14-411. Financial records — Examination
(a) The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. (b) All financial and other records shall be made reasonably available for examination by any time-share interest owner and his or her authorized agents.