Nevada Administrative Code
Chapter 119A - TIME SHARES
SALE OF TIME SHARES
Section 119A.202 - Abbreviated registration: Information and documents to be provided to purchasers; filing of certain documents with Division; renewal
Current through February 27, 2024
1. If a developer files an abbreviated registration pursuant to NRS 119A.302 and the Division approves the public report, public offering statement or other disclosure document issued for the time-share plan in the state or jurisdiction where the time-share plan is offered or sold, the developer shall provide to each purchaser, in addition to any information and documents required to be provided by law, an abbreviated registration disclosure document, on a form prescribed by the Division, which contains:
2. The abbreviated registration disclosure document must be offered to a prospective purchaser in paper format. If the prospective purchaser requests to receive the abbreviated registration disclosure document in an electronic format, the following information must be provided to the prospective purchaser in paper format, on a form provided by the Division:
I understand that I have the option of receiving the abbreviated registration disclosure document in an electronic format or paper format, and I have decided to accept the abbreviated registration disclosure document in an electronic format.
I understand that I should not accept the abbreviated registration disclosure document in an electronic format unless I am able to access electronically the abbreviated registration disclosure document before the end of the 5-day period during which I may cancel the contract of sale pursuant to NRS 119A.410.
3. Upon providing the disclosure of alternative media delivery pursuant to subsection 2, the developer shall obtain from the prospective purchaser a receipt for a copy of the disclosure form signed by the purchaser. The developer shall keep the receipt with any other documents relating to the sale of the time share at the principal place of business of the developer.
4. If the developer provides the abbreviated registration disclosure document in an electronic format, the developer must file with the Division the documents required to be provided to a prospective purchaser in paper format pursuant to subsection 2 and a sample copy of the compact disc, USB flash drive or thumb drive or other form of electronic media on which the abbreviated registration disclosure document is provided.
5. The renewal of an abbreviated registration must be made in accordance with the provisions of NRS 119A.355.
Added to NAC by Real Estate Div. by R130-16AP, eff. 8/30/2018
NRS 119A.190, 119A.302