Sections
24 entriesSection 11225Exempts specified persons and transactions from time-share registration, including an owner reselling an interest acquired for personal use and qualifying association dispositions.…Section 11226Requires registration for covered time-share plans and bars sales without approval or while suspended or revoked. Developers must notify the commissioner before…Section 11226.1Requires anyone offering a covered time-share interest to make specified governing and financial documents available to prospective purchasers or lessees before they…Section 11227Requires the commissioner to issue a public report when requirements are met and allows a conditional report when final items remain; denial…Section 11228Limits a final time-share public report to a five-year term. Requires issuance of a renewal when the developer, owner, or agent applies…Section 11229Requires the commissioner, absent denial grounds, to issue a public report authorizing California sale or lease of registered time-share interests. A developer…Section 11230Requires a time-share developer, when accommodations or common-area amenities are unfinished before the final public report, to state a reasonable completion date…Section 11231Sets public-report review deadlines: completed time-share registrations and additions of phases or component sites must receive a report or deficiency list within…Section 11232Sets time-share public-report filing fees at $2,500–$3,250 plus $15–$20 per interest for originals; $1,500–$1,950 plus $15–$20 for renewals or amendments; $1,000–$1,300 conditional;…Section 11233Requires a point-system time-share public-report application to disclose future point acquisition, transferability, the current point-use directory and change rules, use restrictions, and…Section 11234Requires a developer to prepare and give each time-share purchaser, at purchase, a dated written or digital public report that fully and…Section 11235Allows a short-term-product purchaser to rescind through midnight of the seventh calendar day, or later contract period, for a 100 percent refund…Section 11236Requires a developer or agent to obtain the prescribed receipt from persons making reservations under a preliminary report or offers under preliminary,…Section 11237Requires a developer offering an incidental benefit with a time-share to disclose its description, terms, voluntary nature, any required fees, and other…Section 11238Allows a purchaser to void, without penalty, a qualifying time-share, incidental-benefit, or exchange-program purchase made the same day or within seven calendar…Section 11239Requires developers to attach a conspicuous cancellation-rights notice to the face page of every time-share public report given to a prospective purchaser.…Section 11240Requires a developer to file an estimated time-share operating budget covering at least 12 months, with annual expenses, revenues, assessments, due timing,…Section 11241Requires a developer to cover unsold time-share expenses by full maintenance fees or deficit-subsidy agreement within 10 days after first closing. Assurance…Section 11242Allows a time-share developer to use a buy-down subsidy that reduces owner assessments if the developer contracts with the association and delivers…Section 11242.1Requires specified subsidy assurances, the subsidization contract, and signed escrow instructions to be delivered to an acceptable trustee or escrow holder, with…Section 11243Requires a time-share developer to place 100 percent of purchaser funds received during the rescission period in an acceptable escrow and generally…Section 11244Limits release of escrowed time-share purchase funds until the developer shows approved title protection for the purchaser, such as unencumbered title, nondisturbance…Section 11245Prohibits time-share developers and others subject to the chapter from specified deceptive sales and promotional practices, including material misrepresentations, investment claims, undisclosed…Section 11246Requires time-share public-report amendment, renewal, and initial applications involving pre-report sales to include an acceptable independent third-party certification, dated within three months,…