§36-9-21. Securities
Time-sharing plans are not securities under the provisions of this code.
§36-9-8. Reservation Agreements; Escrows
(a) (1) Prior to filing the public offering statement with the division a seller shall not offer a time-sharing plan for sale but may accept reservation deposits upon approval by the division of a fully executed escrow agreement and reservation agreement property filed with the division. (2) Reservations shall not be taken on a time-sharing […]
§36-9-9. Cancellation
No seller shall: (a) Fail to honor the request of a purchaser to cancel a contract made between the seller and purchaser pertaining to the sale of a time-sharing plan if the request is made as provided in the contract; (b) Misrepresent in any manner the purchaser's right to cancel; (c) Fail to refund all […]
§36-9-10. Advertising Materials
(a) All advertising materials shall be filed with the division within ten days of use."Advertising materials" include: (1) Promotional brochures, pamphlets, advertisements or other materials to be disseminated to the public in connection with the sale of time shares;
§36-9-11. Recordkeeping by Seller
Each seller of a time-sharing plan shall maintain among its business records the following: (a) A copy of each contract for the sale of a time-share period, which contract has not been canceled. If fee title is being conveyed, the seller is required to retain a copy of the contract only until a deed of […]
§36-9-12. Management
(a) Before the first sale of a time-share period, the developer shall create or provide for a managing entity, which may be the developer, a separate management firm or an owners' association, or some combination thereof. (b) The managing entity shall act in the capacity of a fiduciary to the purchasers of the time-sharing plan. […]
§36-9-13. Discharge of Managing Entity
(a) If a fee simple interest in real property is being sold to purchasers of a time-sharing plan, the contract retaining a managing entity shall be automatically renewable every three years, beginning with the third year after the managing entity is first created or provided for the time- sharing plan, unless the purchasers vote to […]
§36-9-14. Assessment of Common Expenses
(a) Until a managing entity is created or provided, the developer shall pay all common expenses. (b) After the creation or provision of a managing entity, the managing entity shall make an annual assessment against each purchaser for the payment of common expenses, based on the projected annual budget, in the amount specified by the […]
§36-9-15. Liens for Overdue Assessments; Mechanic’s Liens, Insurance
(a) The managing entity has a lien on a timeshare period for any assessment levied against that timeshare period from the date such assessment becomes due. (b) The managing entity may bring an action in its name to foreclose a lien for assessments, in the manner a mortgage of real property is foreclosed. (c) The […]
§36-9-15a. Trustee’s Sale of Timeshare Estates
(a) A managing entity that desires to use a trustee sale shall prepare, execute and acknowledge a notice of trustee sale which shall include the following: (1) The time and place of sale;