(a) The Arkansas Real Estate Commission may: (1) Set fees; (2) Adopt, amend, and repeal rules; (3) Issue orders consistent with this chapter; (4) Prescribe forms and procedures for submitting information to the commission; (5) Accept grants-in-aid from any governmental source; (6) Contract with agencies charged with similar functions in this or other jurisdictions; (7) […]
(a) (1) (A) A developer shall not offer or dispose of a time-share interest unless the time-share plan is registered with the Arkansas Real Estate Commission. (B) However, a developer may accept a reservation together with a deposit if the deposit is: (i) Placed in an escrow account with an institution having trust powers; and […]
(a) An abbreviated registration with the Arkansas Real Estate Commission may be accepted if the developer is registered and has issued a public offering statement or similar disclosure document that is provided to purchasers under any of the following: (1) Securities Act of 1933, 15 U.S.C. § 77a et seq.; (2) Arkansas Securities Act, § […]
(a) An application for registration of a time-share plan shall contain: (1) The public offering statement; (2) A brief description of the time-share property; (3) Copies of time-share instruments; (4) Financial statements prepared according to generally accepted accounting principles and fully and fairly disclosing the current financial condition of the developer; (5) Any other documents […]
(a) A developer shall amend or supplement its registration to report a material change in the information required by § 18-14-204. (b) (1) If there is a material change in a registration document, the developer shall file an amendment with the Arkansas Real Estate Commission to report the material change no later than forty-five (45) […]
(a) (1) Except as otherwise provided, the effective date of the registration or any amendment is forty-five (45) days after its filing or such earlier date as the Arkansas Real Estate Commission may determine, having regard for the public interest and the protection of purchasers. (2) If an amendment to a registration is filed before […]
(a) (1) The Arkansas Real Estate Commission 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. (2) The commission may require that certain disclosures contained in the public offering statement be in boldface type to protect the purchaser. […]
