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New Timeshare Administrative Rules

Rule Number Rule Sub-Heading Effective Date
R162-57a-5 The notification requirement is modified so that the filing of a civil lawsuit no longer triggers a notice requirement. Rather, the notice requirement is triggered by a finding of fraud, misrepresentation, or deceit in a judicial or administrative proceeding instituted by a purchaser and arising out of or relating to the advertising or sale of an interest, disclosure requirements; or rescission rights. New language requires a developer to amend a project registration upon a court's certifying a class in a class-action lawsuit against the developer. August 21, 2012
R162-57a-11 The disclosure requirement is modified so that a developer is not required to provide the complete property report to a prospective purchaser at the beginning of a direct sales presentation. At that point, the developer would be required to provide notice of the right to rescind; the full property report may then be provided at any time prior to the purchaser's signing a sale contract. August 21, 2012
R162-37a-13 The requirement to re-disclose the rescission right is modified. Rather than requiring redisclosure in any circumstance where the developer is contacted by a purchaser during the rescission period, the requirement applies only where the developer is contacted during an applicable rescission period by a purchaser who expresses a desire to terminate the contract. August 21, 2012



Rule amendments that are out for public comment and may be viewed at: