§ 34-41-4.01. Applicability — Exemptions. (a) This Article applies to all time shares subject to this chapter except as provided in subsection (b). (b) Neither a public offering statement nor the materials required by § 34-41-4.07 (Resale of Time Shares) need be prepared or delivered in the case of: (1) A gratuitous disposition of a […]
§ 34-41-4.02. Liability for public offering statement requirements. (a) Except as provided in subsection (b), a developer, prior to the offering of any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of §§ 34-41-4.03, 34-41-4.04 and 34-41-4.05. (b) A developer may transfer responsibility for preparation of […]
§ 34-41-4.03. Public offering statement — General provisions. (a) A public offering statement must contain or fully and accurately disclose: (1) The name and principal address of the developer and the location of the time-share property; (2) A general description of the time-share property and the time-share units, including without limitation the number of units […]
§ 34-41-4.04. Public offering statement — Conversion building. (a) If a conversion building that includes or is to include one or more time-share units is more than ten (10) years old and the developer or any affiliates of the developer own or control more than fifty percent (50%) of all units in the project, the […]
§ 34-41-4.05. Public offering statement — Time-share securities. If a time-share is currently registered with the securities and exchange commission of the United States, a developer satisfies all requirements relating to the preparation of a public offering statement of this chapter if he or she delivers to the purchaser (and files with the agency) a […]
§ 34-41-4.06. Purchaser’s right to cancel. (a) A purchaser has the right to cancel the contract until midnight of the fifth (5th) business day (specifically excluding therefrom Saturdays, Sundays and legal holidays) following whichever of the following days occurs later: (i) The execution date; or (ii) The day on which the purchaser received the last […]
§ 34-41-4.07. Resales of time shares. (a) Except in the case of a sale where delivery of a public offering statement is required, or unless exempt under § 34-41-4.01(b), a seller of a time share shall furnish to the purchaser before execution of any contract for the sale, or otherwise before the transfer of title, […]
§ 34-41-4.08. Deposits. Any deposit made in connection with the purchase or reservation in this state of a time share from a person required to deliver a public offering statement pursuant to § 34-41-4.02(c) must be placed in escrow, either in this state or in the state where the time-share project is located, in an […]
§ 34-41-4.09. Liens. (a) In the case of a sale of a time share where delivery of a public offering statement is required pursuant to § 34-41-4.02(c), a seller shall, before transferring a time share, record or furnish to the purchaser releases of all liens affecting that time share which the purchaser does not expressly […]
§ 34-41-4.10. Conversion building. (a) A developer of a time-share property which includes all or any part of a conversion building, and any person in the business of selling real estate for his or her own account who intends to offer time shares in such a property, shall give each of the residential tenants and […]
§ 34-41-4.11. Express warranties of quality. (a) Express warranties made by any seller to a purchaser of a time share, if relied upon by the purchaser, are created as follows: (1) Any affirmation of fact or promise which relates to the time share, the time-share unit, rights appurtenant to either, area improvements that would directly […]
§ 34-41-4.12. Implied warranties of quality. (a) A developer and any person in the business of selling real estate for his or her own account warrants that a time-share unit will be in at least as good condition at the earlier of the time of the transfer or of the delivery of possession as it […]
§ 34-41-4.13. Exclusion or modification of implied warranties of quality. (a) Except as limited by subsection (b) with respect to a purchaser of a time share in a time-share unit that may be used as a dwelling or for recreational purposes, implied warranties of quality: (1) May be excluded or modified by agreement of the […]
§ 34-41-4.14. Statute of limitation for warranties. (a) A judicial proceeding for breach of any obligation arising under § 34-41-4.11 or 34-41-4.12 must be commenced within ten (10) years after the cause of action accrues, but the parties may agree to reduce the period of limitation to not less than five (5) years. With respect […]
§ 34-41-4.15. Effect of violations on rights of action. If a developer or any other person subject to this chapter fails to comply with any provision of this chapter or of the time-share instrument, any person or class of persons adversely affected by the failure to comply has a claim for appropriate relief. History of […]
§ 34-41-4.16. Labeling of promotional material. If any improvement in the time-share property is not required to be built, no promotional material may be displayed or delivered to prospective purchasers which describes or portrays that improvement unless the description or portrayal of the improvement is conspicuously labeled or identified as “NEED NOT BE BUILT.” History […]
§ 34-41-4.17. Developer’s obligation to complete. The developer shall complete all promised improvements described in the time-share instrument and promotional materials. History of Section.P.L. 1984, ch. 141, § 2.
§ 34-41-4.18. Substantial completion of units. In the case of a sale of a time share interest unit where delivery of a public offering statement is required, a contract of sale may be executed, but no interest in that unit may be conveyed or finally transferred until the unit is substantially completed, as evidenced by […]
