§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;
§36-9-5. Contracts for Purchase of Time-Share Periods
No seller of a time-sharing plan shall fail to utilize, and furnish each purchaser of such plan a fully completed copy of, a contract pertaining to such sale, which contract shall include the following information: (a) The actual date the contract is executed by all parties; (b) The names and addresses of the seller, the […]
§36-9-6. Public Offering Statement
Each developer shall file with the division a complete copy of the public offering statement to be used in the sale of the time-share periods. Until the division approves such filing, any contract regarding the sale of the time-sharing plan which is the subject of the public offering statement shall be voidable by the purchaser. […]
§36-9-7. Escrow Accounts; Surety Bonds; Nondisturbance Instruments
(a) It is a violation of this article for a seller of a time-sharing plan to fail to: (1) Place one hundred percent of all funds which are received from purchasers of such time-sharing plan in an escrow account during the ten-day cancellation periods provided for by this chapter. The establishment of such an escrow […]
§36-9-2. Purposes
The purposes of this article are to: (a) Give statutory recognition to real property time- sharing in the state; (b) Establish procedures for the creation, sale and operation of time-sharing plans; and (c) Require every time-sharing plan offered for sale or created and existing in this state to be subjected to the provisions of this […]