Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-57a - Timeshare and Camp Resort Rules
Section R162-57a-26 - Exemptions
Universal Citation: UT Admin Code R 162-57a-26
Current through Bulletin 2024-06, March 15, 2024
(1) The following sales are essentially noncommercial and, therefore, exempt from the requirements of Section 57-19, et seq. by operation of law:
(a) the bulk sale of interests by a developer
to another person who will become the developer of the project;
(b) after a project has been sold out and its
registration with the division has expired, the resale of interests that are
foreclosed by the developer or the developer's successor-in-interest, so long
as:
(i) no more than ten interests in the
project are foreclosed and resold over the life of the project; and
(ii) the foreclosed interests are not offered
with interests in other projects as part of a common promotional
plan;
(c) the resale by
a lender of foreclosed interests, so long as the lender does not foreclose more
than ten interests in the project over the life of the project;
(d) the sale, to a person who has previously
purchased an interest in a project, of additional interests in the same
project, provided that the person is timely provided with a valid property
report at the time of the original purchase; and
(e) the sale of a purchaser's individual
interest on a for-sale-by-owner basis.
(2)
(a) A
person who believes a sale not specifically delineated in Subsection (1) is
essentially non- commercial shall apply to the division for an order of
exemption.
(b) An exemption granted
under this Subsection (2)(a) is valid for a period of one year and expires
unless renewed through reapplication.
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