Current through Register Vol. 35, No. 18, September 24, 2024
A. In
addition to the disclosures required by Section 5 of the act, each developer
shall fully and conspicuously disclose to each purchaser in the disclosure
statement the following information:
(1) if
any part of the project is not completely constructed at the time of sale, what
financial arrangements have been made to secure the completion of each
portion.
(2) if the unit sold to
the purchaser is not completely constructed and furnished at the time of sale,
the projected date the unit will be ready for occupancy; any limitations upon
the purchaser's exchange rights until the unit is ready for occupancy; any
limitations upon the effectiveness of title insurance obtained by the purchaser
prior to the time the unit is ready for occupancy;
(3) a complete description of the project,
including: the total number of time shares sold and to be sold in the project;
the number and types of units available; the types of facilities and amenities
available;
(4) a description of all
terms and conditions of each charter membership, owner referral, rental,
resale, in-house exchange or other program offered to time share owners;
provided, however, if no reference to the program will be made to the purchaser
prior to the expiration of the purchaser's 7-day right of recision, the
developer may provide such description, by separate letter to the purchaser,
after the expiration of such period; and
(5) any other information contained in the
questionnaire and application for registration of time share project which the
commission may require to be disclosed.
B. Every disclosure statement shall contain
an introductory summary prescribed by the commission and completed by the
developer entitled "summary of disclosures." The "summary of disclosures" shall
appear on the cover, or immediately following the cover of the disclosure
statement, and shall be on the form prescribed by the commission. "Summary of
disclosures" forms are available upon request at the commission
office.
C. Information contained in
a disclosure statement shall be accurate on the date it is supplied to a
purchaser.
