A developer or any other person subject to this chapter that offers or disposes of a time-share interest without complying with this chapter or that violates this chapter is guilty of a misdemeanor punishable by a fine not to exceed five thousand dollars ($5,000) per occurrence or by imprisonment not to exceed one (1) year, […]
(a) (1) If a developer or any other person subject to this chapter violates this chapter or a project instrument, a person or class of persons adversely affected by the violation has a claim for appropriate relief. (2) Punitive damages or attorney’s fees, or both, may be awarded for willful violation of this chapter. (b) […]
(a) A judicial proceeding in which the accuracy of the public offering statement or validity of a contract of purchase is in issue and a rescission of the contract or damages is sought shall be commenced not later than four (4) years after the date of the contract of purchase, notwithstanding that the purchaser’s terms […]
(a) A public offering statement shall be provided to each purchaser of a time-share interest and may be delivered by hard copy or electronically, including a CD, DVD, thumb drive, or other electronic media agreeable to the purchaser. The public offering statement shall fully and accurately disclose: (1) The name of the developer, its principal […]
(a) The developer shall amend or supplement the public offering statement to report any material change in the information required by § 18-14-404. (b) The developer shall use the written materials that are supplied to it by an exchange program for distribution to the time-share interest owners as the materials are received.
(a) A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following: (1) Arkansas Securities Act, § 23-42-101 et seq.; or (2) Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers. (b) (1) A […]
(a) Any deposit made with the purchase or reservation of a time-share interest from a developer shall be placed in a noninterest-bearing escrow account and held in this state, or other jurisdiction that is acceptable to the Arkansas Real Estate Commission, in a designated account by an independent bonded escrow company or in an institution […]
(a) (1) If a developer contracts to sell a time-share interest and the construction, furnishings, and landscaping of the time-share property have not been substantially completed according to the representations made by the developer in the disclosures under this chapter, the developer shall pay into an escrow account established and held in this state, in […]
(a) (1) Before transfer of a time-share interest and no later than the date of the sales contract, the developer shall provide the intended purchaser with a copy of the public offering statement and any amendments and supplements to the statement. (2) The contract is voidable by the purchaser until he or she has received […]
(a) (1) Before a transfer of a time-share interest, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interest or shall provide a surety bond or other insurance against the lien from a company acceptable to the Arkansas Real Estate Commission; or (2) An underlying lien shall contain […]
(a) The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records. (b) All financial and other records shall be made reasonably available for examination by any time-share interest owner and his or her authorized agents.
