Section 11243.
11243. The developer shall comply with the following escrow requirements: (a) A developer of a time-share plan shall deposit into an escrow account in an acceptable escrow depository 100 percent of all funds that are received during the purchaser’s rescission period. An acceptable escrow depository includes, when qualified to do business in this state, escrow agents […]
Section 11244.
11244. (a) Excluding any encumbrance placed against the purchaser’s time-share interest securing the purchaser’s payment of purchase money financing for the purchase, the developer shall not be entitled to the release of any funds escrowed under Section 11243 with respect to each time-share interest and any other property or rights to property appurtenant to the time-share […]
Section 11245.
11245. (a) No person subject to this chapter shall do any of the following: (1) Make any material misrepresentation that is false or misleading in connection with any advertisement or promotion of a time-share plan. (2) Make a prediction of any increases in the resale price or resale value of the time-share interest. (3) Materially misrepresent the size, nature, […]
Section 11246.
11246. With each application for an amendment or renewal of a public report, and with the initial submittal of an application for a time-share plan in which sales have occurred prior to obtaining a California public report, the developer shall submit to the commissioner a certification by an independent third party acceptable to the commissioner […]
Section 11237.
11237. (a) If a purchaser of a time-share interest in a time-share plan is offered the opportunity to acquire an incidental benefit in connection with the sale of a time-share interest, the developer shall provide the purchaser with a disclosure statement containing all of the following information: (1) A general description of the incidental benefit, including the […]
Section 11238.
11238. (a) The purchase contract entered into by any person who has made an offer to purchase a time-share interest or interests, any incidental benefit, made on the same day or within seven calendar days after the person attended a sales presentation for a time-share interest, or any right under an exchange program, made on the […]
Section 11239.
11239. (a) To inform a purchaser of his or her right of cancellation under Section 11238, the developer shall attach to the face page of every copy of a public report given to a prospective purchaser, the cancellation notice set forth in subdivision (b) thereof printed in conspicuous type. (b) The form and content of the notice […]
Section 11240.
11240. An estimated operating budget for the time-share plan shall be filed with the commissioner along with the other information required to be registered pursuant to this chapter, and shall contain the following information: (a) The estimated annual expenses of the time-share plan along with the estimated revenue of the association from all sources, including the […]
Section 11241.
11241. (a) The developer is obligated for the expenses associated with unsold inventory held by the developer. The obligation can be fulfilled in either of the following ways: (1) The developer shall pay the full maintenance fee for each of the interests owned by the developer. (2) The developer shall enter into a subsidy agreement with the association […]
Section 11242.
11242. (a) In any time-share plan, the developer may undertake to pay a portion of the assessments otherwise payable by each purchaser (“buy down subsidy”). Any developer undertaking to pay a buy down subsidy shall do both of the following: (1) Enter into a contract with the association that specifies in detail the obligations of the developer […]