§ 66-32-201. Short Title
This part shall be known and may be cited as the “Tennessee Vacation Club Act of 1995.”
§ 66-32-202. Legislative Intent
The purpose of this part is to recognize that the sale and promotion of vacation clubs is an emerging, dynamic segment of the international tourism industry; that this segment of the tourism industry continues to grow, both in volume of sales and in complexity and variety of product structure; and that a uniform and consistent […]
§ 66-32-203. Application
This part applies only to sellers of vacation club interests who offer for disposition vacation club interests to the general public in Tennessee. For purposes of this section, an offer shall be considered to be made in this state only if the offer: Originates from this state; or Is directed by the offeror into this […]
§ 66-32-204. Exemptions
This part does not apply to any of the following: An offer or disposition other than in the ordinary course of business by any holder of a purchase money lien, including any assignee thereof, who acquires a vacation club interest as a result of an owner’s default with respect to the owner’s purchase money financing […]
§ 66-32-205. “Vacation Club Interest” Defined
“Vacation club interest” means and includes the following interests in a vacation club: A “specific time-share interest,” which is a right to use a specific accommodation or accommodations, and facilities at one (1) component site of a vacation club, for the remaining term of the vacation club in the event that the reservation system is […]
§ 66-32-206. Reservation Systems
A vacation club’s reservation system shall be subject to the requirements for subordination or other financial assurances set forth in this part. Prior to offering vacation club interests, a developer shall create or provide a reservation system, including all appropriate computer hardware and software which is necessary to satisfy owners’ reasonable expectations concerning the use […]
§ 66-32-207. Developers Subject to Commission — Prerequisites to Vacation Club Offering
A developer of a vacation club interest shall in all respects be subject to the authority of the commission and any rules and regulations promulgated by the commission. Unless specifically exempted, a developer of a vacation club interest may not offer or dispose of a vacation club interest unless it is registered with the commission […]