Section 557A.1 – Time-share Act.
557A.1 Time-share Act. This chapter shall be known as the “Iowa Time-share Act”. 85 Acts, ch 155, §1 Referred to in §557A.3
Section 557A.10 – Arrangement for management and operation of a time-share use program.
557A.10 Arrangement for management and operation of a time-share use program. The time-share instruments for a time-share use program shall prescribe reasonable arrangements for management and operation of the program and for the maintenance, repair, and furnishing of units which shall include, but not be limited to, provisions for the following: 1. Standards and procedures […]
Section 557A.11 – Disclosure requirements.
557A.11 Disclosure requirements. 1. A developer or an agent of a developer of a time-share program shall provide a current property report to a purchaser not later than ten days after the purchaser signs a purchase agreement. Prior to any sale or solicitation for sale of a time-share interval, a copy of all disclosure materials […]
Section 557A.12 – Additional disclosure requirements relating to exchange programs.
557A.12 Additional disclosure requirements relating to exchange programs. 1. When the owners of time-share intervals are to be permitted or required to become members of or participate in any program for the exchange of occupancy rights among themselves or with the owners of time-share intervals of other time-share projects or both, the developer or an […]
Section 557A.13 – Exemptions from disclosure requirements.
557A.13 Exemptions from disclosure requirements. A person shall not be required to provide disclosure documents, as required in sections 557A.11 and 557A.12, in the following cases: 1. A transfer of a time-share interval by a time-share interval owner other than a developer or a developer’s agent. 2. A disposition of units in a time-share project […]
Section 557A.14 – Purchaser’s and developer’s rights relating to property report.
557A.14 Purchaser’s and developer’s rights relating to property report. 1. A purchaser may at any time within five business days following the receipt of all information required in sections 557A.11 and 557A.12 rescind in writing a contract of sale without stating any reason and without any liability on the purchaser’s part. All payments made by […]
Section 557A.15 – Release from liens.
557A.15 Release from liens. 1. Unless the purchaser expressly agrees, prior to the transfer other than by deed in lieu of foreclosure of a time-share interval, to take subject to or assume a lien, the developer shall record or furnish to the purchaser releases of all liens affecting that time-share interval, or shall provide a […]
Section 557A.16 – Enforcement and cause of action.
557A.16 Enforcement and cause of action. 1. Violations of this chapter, unfair methods of competition, and deceptive or unfair acts or practices, in the offer or sale of a time-share are unlawful. Enforcement shall be as provided in section 714.16. The terms “unfair methods of competition” and “deceptive or unfair acts or practices” include, but […]
Section 557A.17 – Blanket mortgage or other liens affecting a time-share interval at time of first conveyance.
557A.17 Blanket mortgage or other liens affecting a time-share interval at time of first conveyance. The developer whose project is subject to an underlying blanket lien or encumbrance shall protect nondefaulting purchasers from foreclosure by the lienholder by obtaining from the lienholder written assurances that the lienholder will not foreclose on nondefaulting purchasers. These written […]
Section 557A.18 – Financing of time-share programs.
557A.18 Financing of time-share programs. In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale, or other lien or […]
Section 557A.19 – Lienholder’s rights.
557A.19 Lienholder’s rights. Any purchaser who fails to object and specify the invalidity or defect contained in the time-share instrument within sixty days after receipt of written notice that the developer has assigned the receivables to the lienholder may not claim that the time-share instrument is invalid, void, or voidable in any subsequent action for […]
Section 557A.2 – Definitions.
557A.2 Definitions. In this chapter, unless the context requires otherwise: 1. “Association” means all of the time-share interval owners of a time-share project acting as a group, either through a nonstock nonprofit corporation or an unincorporated association, in accordance with its bylaws governing administration of the project. 2. “Commission” means the real estate commission. 3. […]
Section 557A.20 – Selling time-share estates — license required.
557A.20 Selling time-share estates — license required. A person engaged in the business or occupation of selling time-share estates for a fee or a commission shall obtain a real estate license pursuant to chapter 543B. 85 Acts, ch 155, §20 Referred to in §557A.3
Section 557A.3 – Applicability to time-share programs located out-of-state.
557A.3 Applicability to time-share programs located out-of-state. 1. Sections 557A.4 through 557A.10 apply only to time-share programs located in Iowa. 2. Sections 557A.1, 557A.2, and 557A.11 through 557A.20 apply to any time-share program, wherever located, which is marketed in Iowa. 85 Acts, ch 155, §3; 2021 Acts, ch 80, §345 Section amended
Section 557A.4 – Action for partition.
557A.4 Action for partition. An action for partition of a unit shall not be maintained except as permitted by the time-share instrument. 85 Acts, ch 155, §4 Referred to in §557A.3
Section 557A.5 – Status of time-share estates.
557A.5 Status of time-share estates. 1. A time-share estate is an estate in real property and has the character and incidents of an estate in fee simple at common law or an estate for years if a leasehold, except as expressly modified by this chapter. 2. A document transferring or encumbering a time-share estate shall […]
Section 557A.6 – Creation of time-share estates.
557A.6 Creation of time-share estates. Project instruments and time-share instruments creating time-share estates shall contain the following: 1. The name of the county in which the property is situated. 2. The legal description, street address, or other description sufficient to identify the property. 3. Identification of units and time periods by letter, name, number, or […]
Section 557A.7 – Arrangements for management and operation of a time-share estate program.
557A.7 Arrangements for management and operation of a time-share estate program. The time-share instruments for a time-share estate program shall prescribe reasonable arrangements for management and operation of the program and for the maintenance, repair, and furnishing of units, which shall include, but not be limited to, provisions for the following: 1. Creation of an […]
Section 557A.8 – Developer control period.
557A.8 Developer control period. 1. The time-share instruments for a time-share estate program may provide for a period of time, known as the developer control period, during which the developer or a managing agent selected by the developer shall manage the time-share program and the units in the time-share program. 2. If the time-share instruments […]
Section 557A.9 – Creation of time-share uses.
557A.9 Creation of time-share uses. Project instruments and time-share instruments creating time-share uses shall contain the following: 1. Identification by name of the time-share project and street address or other description sufficient to identify the property where the time-share project is situated. The address shall be the street address if available. 2. Identification of the […]