ARTICLE 2. Registration, Sale Requirements, and Fees [11225. - 11246.]

Article 2 added by Stats. 2004, Ch. 697, Sec. 14.

§§ 11225–11246 · 24 sections

§ 11225 A person shall not be required to register a time-share plan with the commissioner pursuant to this chapter if any of the following applies: (a) The person is…
§ 11226 (a) Any person who, to any individual located in the state, sells, offers to sell, or attempts to solicit prospective purchasers to purchase a time-share…
§ 11226.1 Any person offering to sell or lease any interest subject to the requirements of Section 11226 shall make a copy of each of the following documents available…
§ 11227 (a) Subject to subdivision (h), the commissioner shall issue a final public report if all registration requirements have been met as set forth in this chapter…
§ 11228 The term of a final public report shall be limited to five years. A renewal shall be issued if the developer, owner, or agent makes application for renewal of…
§ 11229 (a) In connection with its review of the registration application of a time-share plan, the commissioner may make an examination of any time-share property…
§ 11230 If the time-share plan, including any accommodations, or amenities within the common area are not completed prior to the issuance of a final public report for…
§ 11231 Every registration required to be filed with the commissioner under this chapter shall be reviewed and issued the specified public report in accordance with…
§ 11232 (a) The commissioner may by regulation prescribe filing fees in connection with applications to the Department of Real Estate for a public report pursuant to…
§ 11233 An applicant for a public report for a time-share plan in which the use and occupancy of the time-share interest purchased in the time-share plan is determined…
§ 11234 A developer shall prepare, for issuance by the commissioner, a public report that shall fully and accurately disclose those facts concerning the time-share…
§ 11235 (a) A person who has entered into a contract to purchase a short-term product shall have the right to rescind the contract until midnight of the seventh…
§ 11236 (a) A receipt on the form specified herein shall be taken by or on behalf of the developer from each person executing a reservation agreement under authority…
§ 11237 (a) If a purchaser of a time-share interest in a time-share plan is offered the opportunity to acquire an incidental benefit in connection with the sale of a…
§ 11238 (a) The purchase contract entered into by any person who has made an offer to purchase a time-share interest or interests, any incidental benefit, made on the…
§ 11239 (a) To inform a purchaser of his or her right of cancellation under Section 11238, the developer shall attach to the face page of every copy of a public report…
§ 11240 An estimated operating budget for the time-share plan shall be filed with the commissioner along with the other information required to be registered pursuant…
§ 11241 (a) The developer is obligated for the expenses associated with unsold inventory held by the developer. The obligation can be fulfilled in either of the…
§ 11242 (a) In any time-share plan, the developer may undertake to pay a portion of the assessments otherwise payable by each purchaser (“buy down subsidy”). Any…
§ 11242.1 (a) The assurance specified in Section 11241 and, if applicable, the assurance specified in Section 11242, shall be delivered to the trustee or an escrow…
§ 11243 The developer shall comply with the following escrow requirements: (a) A developer of a time-share plan shall deposit into an escrow account in an acceptable…
§ 11244 (a) Excluding any encumbrance placed against the purchaser’s time-share interest securing the purchaser’s payment of purchase money financing for the purchase,…
§ 11245 (a) No person subject to this chapter shall do any of the following: (1) Make any material misrepresentation that is false or misleading in connection with any…
§ 11246 With each application for an amendment or renewal of a public report, and with the initial submittal of an application for a time-share plan in which sales…