Each developer shall fully and conspicuously disclose in a public offering statement:
(1) The total financial obligation of the purchaser, which shall include the initial purchase price and any additional charges to which the purchaser may be subject;
(2) Any person who has or may have the right to alter, amend or add to charges to which the purchaser may be subject and the terms and conditions under which such charges may be imposed;
(3) The nature and duration of each agreement between the developer and the person managing the time share program or its facilities;
(4) The date of availability of each amenity and facility of the time share program when they are not completed at the time of sale of a time share;
(5) The specific term of the time share;
(6) The purchaser's right to cancel within five days of execution of the contract and how that right may be exercised under G.S. 93A-45;
(7) A statement that under North Carolina law an instrument conveying a time share must be recorded in the Register of Deeds Office to protect that interest; and
(8) Any other information which the Commission may by rule require.
The public offering statement shall also contain a one page cover containing a summary of the text of the statement. (1983, c. 814, s. 1.)
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Last modified: March 23, 2014