§ 55-390. Registration of time-share program required
A. A developer may not offer or dispose of any interest in a time-share program unless the time-share project and its program have been properly registered with the Board. A developer may accept a nonbinding reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers within this Commonwealth and is refundable at any time at the purchaser's option. In all cases, the reservation must require a subsequent affirmative act by the purchaser via a separate instrument to create a binding obligation. A developer may not dispose of or transfer a time-share while an order revoking or suspending the registration of the time-share program is in effect. In the case of a time-share project located outside this Commonwealth and properly registered in the situs, the Board may accept a substitute application for registration.
B. [Repealed.]
C. The developer shall maintain records of names and addresses of current independent contractors employed by it for time-share sales purposes.
(1981, c. 462; 1983, c. 59; 1985, c. 517; 1994, c. 580.)
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