Issuance of permit before completion of project. If a project has not been completed before the issuance of a permit to sell time shares, the permit must state the estimated date of completion and:
1. The developer shall deliver to the agency a bond in an amount and upon terms approved by the division to assure completion of the project free of any liens, which is payable to the Division for the benefit of the purchasers of the time-share property and which remains in effect until the project is completed free of all liens;
2. A cash deposit to cover the estimated costs of completing the project must be deposited with an escrow agent under an agreement which is approved by the Division; or
3. The developer shall make any other arrangement which is approved by the Division.
Last modified: February 27, 2006