§ 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 […]
§ 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.
§ 66-32-105. Time-Share Units
A time-share program may be created in any unit, unless expressly prohibited by the project instruments or local governing laws.
§ 66-32-106. Instruments for Time-Share Estates
Project instruments and time-share instruments creating time-share estates must contain the following: The name of the county in which the property is situated; The legal description, street address or other description sufficient to identify the property; Identification of time periods by letter, name, number, or combination thereof; Identification of time-share estates and, where applicable, the […]