Registration with division
Sec. 1. (a) Before a developer may offer to sell any time shares or
camping club memberships in this state, the developer must register
with the division under this section.
(b) A person who applies for registration under this section shall
submit an application in the manner provided by the division and
shall disclose the following information under oath:
(1) The names and addresses of all officers, project managers,
marketing agencies, advertising agencies, and exchange
companies who are actively involved in soliciting or selling
time share units or camping club memberships.
(2) The name and address of each person who owns an interest
of ten percent (10%) or more in the registrant, except for
reporting companies under the Securities Exchange Act of
1934.
(3) A copy of the document in which the time share project or
camping club project is created.
(4) A preliminary title report for the time share project or
camping club project and copies of the documents listed as
exceptions in the report showing any encumbrances.
(5) Copies of and instructions for escrow agreements, deeds,
and sales contracts.
(6) Documents that show the current assessments for property
taxes on the time share project or camping club project.
(7) A copy of bylaws or similar instrument that creates any
community ownership relationship.
(8) Copies of all documents that will be given to a participant
who is interested in participating in a program for the exchange
of occupancy rights among time share participants or camping
club members, and copies of the documents that show
acceptance of the time share or camping club membership in the
program.
(c) A developer who knowingly or intentionally offers to sell any
time shares or camping club memberships in this state before
registering with the division under this section commits a Class D
felony.
As added by P.L.2-2002, SEC.17.
Last modified: May 24, 2006