In addition to the information and
documents required to be provided by law, a developer applying for a permit to
sell time shares shall provide to the Division a statement of record containing
the following information on a form prescribed by the Division:
1. Concerning the developer and the business
experience and background of the developer:
(a) The name and address of the principal
place of business of the developer.
(b) The federal tax identification number of
the developer.
(c) The ownership or
other interest of the developer in the project.
(d) If the developer is a corporation,
limited-liability company or limited partnership:
(1) A copy of its articles of incorporation,
articles of organization or certificate of limited partnership, as applicable,
and a Certificate of Good Standing issued by the Secretary of State that is
dated within the 30 days immediately preceding the date on which the statement
of record is provided to the Division; and
(2) If the developer is a foreign corporation
or foreign limited-liability company, a certificate issued by the Secretary of
State authorizing the foreign corporation or foreign limited-liability company
to transact business in Nevada that is dated within the 30 days immediately
preceding the date on which the statement of record is provided to the
Division, together with a copy of the list of its officers and directors and
the designation of its registered agent, when required by the Secretary of
State.
(e) If the
developer is a closely held corporation, limited-liability company, limited
partnership or other business entity:
(1) The
name, address and principal occupation of each person owning or controlling an
interest of 10 percent or more in the developer and the extent and nature of
such ownership; and
(2) The consent
of the developer to the service of process and designation of an agent in the
State to accept service.
(f) If the developer is related to another
business entity and is not a publicly traded corporation or held by a publicly
traded corporation, a diagram showing the business relationship of the
developer to the other business entity.
(g) A list identifying each state or foreign
jurisdiction in which the developer has, within the 10 years immediately
preceding the date on which the statement of record is provided to the
Division, applied for or received a permit to sell time shares that has been
denied, revoked or suspended, or with respect to which other disciplinary
action was taken. The list must include the name of the issuing
authority.
(h) With respect to the
developer and any officers, directors, managers or partners thereof as
applicable, the identification of:
(1) Any
conviction of, or plea of guilty or nolo contendere to, any felony or gross
misdemeanor charge or crime involving fraud, misrepresentation or unlicensed
activity, and the disposition thereof;
(2) Any denial, suspension or revocation of
the license of a real estate broker, broker-salesperson or salesperson in any
state, district or territory of the United States or any other
jurisdiction;
(3) Any denial,
suspension or revocation of, or any pending administrative proceeding regarding
the denial, suspension or revocation of, any professional or occupational
license;
(4) Any voluntary or
involuntary petition in bankruptcy filed by or against the applicant within the
7 years immediately preceding the date on which the statement of record is
provided to the Division; and
(5)
Any past or pending criminal prosecution or civil litigation that has a
material adverse effect on the developer or the time-share plan.
(i) A financial statement, which
may be consolidated with the developer's parent company, dated within the 6
months immediately preceding the date on which the statement of record is
provided to the Division, including a balance sheet and statement of profit and
loss.
2. Concerning the
time-share plan:
(a) The common name of the
time-share plan and a description of the type of time-share plan to be offered
for sale;
(b) The identification of
each jurisdiction that has granted approval for the time-share plan;
(c) Maps of any project within the time-share
plan, including recorded plats and location maps;
(d) Documents concerning the management and
maintenance of any project located within this State that are within the
time-share plan, including the management agreement and developer subsidy
agreement; and
(e) Evidence of
hazard insurance coverage.
3. Concerning the physical condition of any
project within the time-share plan, a description of each improvement, whether
completed or promised, at each component site.
4. Concerning the project broker and any
sales and marketing entity:
(a) The name of
the real estate broker who will be the project broker and the names of all
sales agents within this State;
(b)
The location of the principal place of business or the branch office at which
each sales agent will be operating;
(c) The name of the real estate broker or
real estate broker-salesperson in charge of each location, if different from
the project broker;
(d) A list of
all other states in which the project broker is licensed;
(e) A statement as to whether the project
broker has been disciplined pursuant to any regulatory agency proceeding;
and
(f) The name, address,
telephone number and electronic mail address of any sales and marketing
entity.
5. The name,
address, telephone number and electronic mail address of the person to be
contacted regarding the matters contained in the statement of record
6. The location within this State at which
the records of the time-share plan and the sales within this State will be
maintained, including the name and address of the custodian of such records.
After the statement of record has been received by the Division, the developer
may be required to provide additional or explanatory information or provide
copies of documents identified in the statement of record
Added to NAC by Real Estate Div.,
eff. 12-3-84; A 5-2-86; A by
R130-16A,
eff. 11/13/2017; A
by
R130-16AP,
eff. 8/30/2018
