(1) A seller offering an exchange program to a purchaser in conjunction with a timeshare plan shall provide written information to the purchaser about the exchange program.
(2) The exchange program information to be provided to the purchaser shall be established by rule by the Real Estate Commissioner and shall include at least:
(a) The name and address of the exchange company;
(b) Whether or not the purchaser’s participation in the exchange program is dependent upon the timeshare plan’s continued affiliation with the exchange program;
(c) Whether or not the purchaser’s participation in the exchange program is voluntary;
(d) A complete and accurate description of the terms and conditions of the purchaser’s contractual relationship with the exchange program, and the procedure for modifying the exchange program contract;
(e) The procedure to qualify for and effectuate an exchange;
(f) A description of any limitation, restriction or priority system employed in the operation of the exchange program;
(g) The circumstances under which a purchaser may lose the use and occupancy of the purchaser’s accommodation in any properly applied for exchange through the exchange program;
(h) Any fee for participation in the exchange program; and
(i) Any other information material to the exchange program which, by omission, tends to make the information otherwise disclosed misleading.
(3) The exchange program information shall be in addition to the information found in the public report required under ORS 94.828 (1), (2) and (4) and must be provided to the purchaser before a contract may be executed between the purchaser and the company offering the exchange program.
(4) An exchange company offering an exchange program to purchasers in Oregon shall file the information required in subsection (2) of this section annually with the commissioner.
(5) Only a timeshare owner and a developer other than a seller may participate in an exchange program. [1983 c.530 §21]
Section: Previous 94.815 94.816 94.818 94.820 94.821 94.823 94.825 94.826 94.828 94.829 94.830 94.831 94.833 94.835 94.836 NextLast modified: August 7, 2008