§ 66-32-116. Material Change
The developer shall amend or supplement the public offering statement to report any material change in the information required by § 66-32-112. As to any exchange program, the developer shall use the current written materials that are supplied to it for distribution to the time-share interval owners as it is received.
§ 66-32-117. Liens
Unless the purchaser expressly agrees to take subject to or assume a lien prior to transferring a time-share interval other than by deed in lieu of foreclosure, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interval, or shall provide a surety bond or insurance against the lien. […]
§ 66-32-118. Violations — Attorney’s Fees — Criminal Penalties
If a developer or any other person subject to this part violates any provision thereof or any provision of the project instruments, any person or class of persons adversely affected by the violation has a claim for appropriate relief. Punitive damages may be awarded for a willful violation of this part. The court may also […]
§ 66-32-119. Statute of Limitations
A judicial proceeding where the accuracy of the public offering statement or validity of any contract of purchase is in issue and a rescission of the contract or damages is sought must be commenced within four (4) years after the date of the contract of purchase, notwithstanding that the purchaser’s terms of payments may extend […]
§ 66-32-120. Financial Records
The person or entity responsible for making and/or collecting common expenses, assessments or maintenance assessments shall keep detailed financial records. All financial and other records shall be made reasonably available for examination by any time-share interval owner and such owner’s authorized agents.
§ 66-32-121. Powers and Duties of Commission
The commission may adopt, amend, and repeal rules, regulations and issue orders consistent with, and in furtherance of the objectives of this part. The commission may prescribe forms and procedures for submitting information to the commission. The commission may accept grants-in-aid from any governmental source and may contract with agencies charged with similar functions in […]
§ 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 […]
§ 66-32-109. Instruments for Time-Share Use
Project instruments and time-share instruments creating time-share uses must contain the following: Identification by name of the time-share project and street address where the time-share project is situated; Identification of the time periods, type of units and the units that are in the time-share program and the length of time that the units are committed […]
§ 66-32-110. Time-Share Use Management
The time-share instruments for a time-share use program shall prescribe reasonable arrangements for management and operation of the time-share program and for the maintenance, repair and furnishing of units which shall ordinarily include, but need not be limited to, provisions for the following: Standards and procedures for upkeep, repair and interior furnishings of units and […]
§ 66-32-111. Partition
No action for partition of a unit may be maintained except as permitted by the time-share instrument.