§ 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; […]
§ 66-32-127. 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. […]
§ 66-32-114. 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 […]