This act [47-11-1 to 47-11-13 NMSA 1978] may be cited as the “New Mexico Time Share Act”. History: Laws 1986, ch. 97, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — Property taxation of residential time-share or interval-ownership units, 80 A.L.R.4th 950.
The Securities Act of New Mexico shall apply to time shares deemed to be investment contracts or to other securities offered with or incident to a time share. History: Laws 1986, ch. 97, § 11. ANNOTATIONS Compiler’s notes. — The Securities Act of New Mexico, formerly 58-13-1 to 58-13-46 NMSA 1978, was repealed by Laws […]
A. Prior to the offering in this state of any time share located in this state, the developer of the time share project shall make written application to the commission for the registration of the project. The application shall be accompanied by a fee in an amount fixed by the commission, based upon the number […]
A. The executive secretary of the commission shall keep a register of all applicants for certificates of registration, showing for each the date of application, name, business address and whether the certificate was granted or refused. B. The executive secretary of the commission shall also keep a current roster showing the name and address of […]
A. The commission shall have power to take disciplinary action. Upon its own motion, or on the verified complaint of any person, the commission may investigate the actions of any time share broker or salesperson or any developer of a time share project registered under the New Mexico Time Share Act or any other person […]
The provisions of the New Mexico Time Share Act shall not be construed to limit in any manner the right of a purchaser or other person injured by a violation of the New Mexico Time Share Act to bring a private action. History: Laws 1986, ch. 97, § 15.
A. Prior to the recordation of any instrument transferring a time share, the developer shall record or furnish to the purchaser a release of all liens affecting that time share or shall provide a surety bond or insurance against the lien from a company acceptable to the commission as provided for liens on real estate […]
As used in the New Mexico Time Share Act: A. “commission” means the New Mexico real estate commission; B. “developer” means any person creating or engaged in the business of selling ten or more of its own time shares and includes any person who controls, is controlled by or is in common control with the […]
A. It shall be unlawful for any person in this state to engage or attempt to engage in the business of a time share salesperson without first obtaining a real estate broker or salesperson license issued by the New Mexico real estate commission under the provisions of Section 61-29-1 NMSA 1978. B. It shall be […]
A. A time share is deemed to be an interest in real estate and shall be governed by the law of this state relating to real estate. B. A purchaser of a time share may, in accordance with Section 14-9-1 NMSA 1978, record the instrument by which he acquired his interest and upon such recordation […]
Each developer shall fully and conspicuously disclose to each purchaser in a disclosure statement at least the following information: A. the total financial obligation of the purchaser, including the initial purchase price and any additional charges to which the purchaser may be subject; B. any person who has or may have the right to alter, […]
A. A developer shall, before conveyance of a time share and not later than the execution of any contract of sale, provide a purchaser with a copy of a disclosure statement containing the information required by the New Mexico Time Share Act. The contract of sale is voidable by the purchaser within seven days after […]
An advertisement or promotion of a time share which includes the offer of a prize or other inducement shall fully comply with the provisions of the Unfair Practices Act. History: Laws 1986, ch. 97, § 7.
No proxy, power of attorney or similar device given by the purchaser of a time share regarding the management of the time share program or its facilities shall exceed one year in duration, but the same may be renewed from year to year. History: Laws 1986, ch. 97, § 8.
A. If a purchaser is offered the opportunity to subscribe to an exchange program, the developer shall, except as provided in Subsection C of this section, deliver to the purchaser, prior to the execution of the sales contract or any contract between the purchaser and the exchange company, at least the following information regarding such […]
Any exchange company offering an exchange program to a purchaser shall be deemed to have made an irrevocable appointment of the commission to receive service of lawful process in any proceeding against the exchange company arising under the New Mexico Time Share Act. History: Laws 1986, ch. 97, § 10.
