§ 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 […]
§ 66-32-123. Application and Fees for Registration
An application for registration must contain the public offering statement, a brief description of the property, copies of time-share instruments and any documents referred to therein other than tract maps, plats, plans, and such other information required by the commission’s rules and regulations and be accompanied by any reasonable fees required by the commission. Fee […]
§ 66-32-124. Commission Regulation of Public Offering Statement
The commission at any time may require a developer to alter or supplement the form or substance of a public offering statement to assure adequate and accurate disclosure to prospective purchasers. The public offering statement may not be used for any promotional purposes before registration and afterwards only if it is used in its entirety. […]
§ 66-32-125. Effective Date of Registration — Incomplete or Inadequate Application
Except as otherwise provided in this section, the effective date of the registration, or any amendment thereto, shall be the forty-fifth day after the filing thereof or such earlier date as the commission may determine, having due regard to the public interest and the protection of purchasers. If any amendment to any such registration is […]
§ 66-32-126. Exceptions From Registration Requirement
No registration with the commission shall be required in the case of: Any transfer of a time-share interval by any time-share interval owner other than the developer and/or the developer’s agent; Any disposition pursuant to court order; A disposition by a government or governmental agency; A disposition by foreclosure or deed in lieu of foreclosure; […]
§ 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 […]