§ 66-32-127. Financing of Time-Share Programs
In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made to any person or entity which is the owner of an underlying blanket mortgage, deed of trust, contract of sale or other lien or encumbrance (lienhold). Any transfer of […]
§ 66-32-128. Protection of Nondefaulting Purchasers
The developer whose project is subject to an underlying blanket lien or encumbrance shall protect nondefaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder a nondisturbance clause, subordination agreement or partial release of the lien as the time-share intervals are sold. In the alternative, the developer may obtain the agreement of the […]
§ 66-32-129. Protection of Lienholder
The lienholder in any time-share program shall have the following rights: A lienholder’s lien rights shall be preserved as against any purchaser of time-share interval claiming that the time-share is invalid, void or voidable, thirty (30) days after written notice by certified mail or personal delivery has been given by the developer to the purchaser. […]
§ 66-32-130. Premiere Tourist Resort City
Notwithstanding any other provisions of this part, a “premiere tourist resort city” defined as a municipality having a population of three thousand (3,000) or more persons, according to the federal census of 1980 or any subsequent federal census in which at least forty percent (40%) of the assessed valuation, as shown by the tax assessment […]
§ 66-32-131. Misleading Advertising Unlawful
It is unlawful for any person with intent directly or indirectly to offer for sale or sell time-share intervals in this state to authorize, use, direct or aid in the publication, distribution or circulation of any advertisement, radio broadcast or telecast concerning the time-share project in which the time-share intervals are offered, which contains any […]
§ 66-32-132. Advertising — Specific Prohibitions
No advertising for the offer or sale of time-share intervals shall: Contain any representation as to the availability of a resale program or rental program offered by or on behalf of the developer or its affiliate unless the resale program and/or rental program has been made a part of the offering and submitted to the […]
§ 66-32-122. Registration — Bond — Statement of Exchange Agent
Unless exempted by § 66-32-126, a developer may not offer or dispose of a time-share interval unless the time-share program is registered with the commission; provided, that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable […]
§ 66-32-113. Escrow of Deposits
A developer of a time-share program shall deposit into an escrow account established and held in this state, in an account designated solely for the purpose, by an independent bonded escrow company, or in an institution whose accounts are insured, a governmental agency or instrumentality, one hundred percent (100%) of all funds which are received […]
§ 66-32-114. Mutual Rights of Cancellation
Before transfer of a time-share interval and no later than the date of any sales contract, the developer shall provide the intended transferee with a copy of the public offering statement and any amendments and supplements thereto. The contract is voidable by the purchaser until the purchaser has received the public offering statement. The contract […]
§ 66-32-115. Exemptions From Requirement of Public Offering Statement
The developer shall not be required to prepare and distribute a public offering statement if the developer has registered and there has been issued a public offering statement or similar disclosure document which is provided to purchasers under the following: Securities Act of 1933 (15 U.S.C. § 77a et seq.); Federal Interstate Land Sales Full […]