Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-57a - Timeshare and Camp Resort Rules
Section R162-57a-11 - Disclosure Required
Universal Citation: UT Admin Code R 162-57a-11
Current through Bulletin 2024-18, September 15, 2024
(1) The disclosures required by Section 57-19-11 and submitted to the division as part of the application for project registration shall be:
(a)
(i) reproduced on good quality white paper
8-1/2 by 11 inches in size;
(ii)
typed in a font no smaller than 10-point type, except that financial statements
or other statistical or tabular matter may be set in type as small as 8-point
type; and
(iii) organized into
reasonably short paragraphs or sections with appropriate captions or headings
to identify each paragraph or section; or
(b) if acceptable to the director, approved
by another state.
(2)
(a) Upon approving the developer's
disclosures, the division shall supply to the developer:
(i) a cover sheet, which the developer shall
use as the first page of the property report; and
(ii) a receipt for property report, which the
developer shall use as the last page of property report.
(b)
(i) The
developer shall provide a copy of the complete property report, reproduced in a
manner that allows all text to remain visible and legible, not obscured by
shading or watermarks, to each prospective purchaser prior to obtaining the
prospective purchaser's signature on a contract for purchase of an
interest.
(ii) The developer shall,
in connection with an offer to sell an interest, provide a notice of the
purchaser's right to cancel described in Section
57-19-12,
reproduced in a manner that allows all text to remain visible and legible, not
obscured by shading or watermarks, to each prospective purchaser:
(A) at the beginning of a direct sales
presentation; or
(B) if the
prospective purchaser does not attend a direct sales presentation, at the same
time the developer obtains the prospective purchaser's personal
information.
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