(1) No developer or agent of the developer shall sell a timeshare in a timeshare plan before the issuance of a public report for the timeshare plan, unless the public report has been waived under ORS 94.828 (3).
(2) A copy of the public report, when issued, shall be given to the prospective purchaser of a timeshare by the developer or agent of the developer prior to the execution of a binding contract or agreement for the sale of the timeshare. The developer or the developer’s agent shall take a receipt from the prospective purchaser upon delivery of a copy of the Real Estate Commissioner’s public report. Each such receipt shall be kept on file by the developer within this state subject to inspection by the commissioner or the commissioner’s authorized representative for a period of three years from the date the receipt is taken.
(3) The commissioner’s public report shall not be used for advertising purposes unless the report is used in its entirety. No portion of the public report shall be underscored, italicized or printed in larger or heavier type than the balance of the public report unless the true copy of the report emphasizes the portion.
(4) The commissioner may furnish, at cost, copies of a public report for the use of a developer.
(5) The requirements of this section extend to timeshares sold by the developer after repossession.
(6) Remedies and sanctions available for violation of ORS 646.605 to 646.656 are available for violation of this section, in addition to any other remedies or sanctions provided by law. [1985 c.76 §2]
Section: Previous 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 94.839 94.840 NextLast modified: August 7, 2008