(a) A time-share plan in which a public offering statement is prepared under this chapter does not require registration under any of the following:
(1) Arkansas Securities Act, § 23-42-101 et seq.; or
(2) Any other Arkansas statute that requires a public offering statement or substantially similar document for distribution to purchasers.
(b) (1) A time-share plan that fails to restrict the price at which an owner may sell or exchange his or her time-share interest does not by that failure cause the time-share interest to become a security under the Arkansas Securities Act, § 23-42-101 et seq.
(2) An exchange agent offering a time-share interest for exchange is not considered to be offering a security under the Arkansas Securities Act, § 23-42-101 et seq.
Section: Previous 18-14-402 18-14-403 18-14-404 18-14-405 18-14-406 18-14-407 18-14-408 18-14-409 18-14-410 18-14-411 NextLast modified: November 15, 2016