§514E-10  Registration required; developer,
acquisition agent, plan manager, and exchange agent.  (a)  A developer
shall not offer or dispose of a time share unit or a time share interest unless
the disclosure statement required by section 514E-9 is filed with the director
pursuant to the time specified in this chapter, or the development is exempt
from filing, and the time share plan to be offered by the developer is accepted
by the director for registration under this chapter.  The director shall not accept
a developer's time share plan if the developer does not possess a history of
honesty, truthfulness, financial integrity, and fair dealing.



(b)  An acquisition agent (including the
developer if it is also the acquisition agent) shall register under this
chapter by filing with the director a statement setting forth the time sharing
plan for which it is providing prospective purchasers, its address, the
telephone number, other information required by the director as provided by
rules adopted pursuant to chapter 91, and, if the acquisition agent is not a
natural person, the name of the responsible managing employee; provided that an
acquisition agent licensed under chapter 467 as a real estate broker shall not
be required to register under this chapter.  All acquisition agents not
licensed under chapter 467 shall be approved by the director.  The director
shall not approve any acquisition agent who is not of good character and who
does not possess a reputation for honesty, truthfulness, and fair dealing.  The
acquisition agent shall furnish evidence that the acquisition agent is bonded
as required by rules adopted by the director pursuant to chapter 91 to cover
any violation by the acquisition agent of any solicitation ordinance or other
regulation governing the use of the premise or premises in which the time share
plan is promoted; provided that the acquisition agent shall be separately
bonded for each time share plan for which it is providing prospective
purchases.



(c)  A plan manager (including the developer if
it is also the plan manager) shall register under this chapter by filing with
the director a statement setting forth the time sharing plan that it is
managing, its principal office address, telephone number, and responsible
managing employee.  The plan manager shall furnish evidence that the plan
manager is bonded as required by rules adopted by the director pursuant to
chapter 91 to cover any default of the plan manager and any of its employees of
their duties and responsibilities; provided that the plan manager shall be
separately bonded for each time share plan under the management of the plan
manager.



(d)  An exchange agent (including the developer
if it is also an exchange agent) shall register under this chapter by filing
with the director a statement setting forth the time sharing plan for which it
is offering exchange services, its principal office address and telephone
number, and designate its responsible managing employee.



(e)  Any plan manager or developer registration
required in this section shall be renewed by December 31 of each even-numbered
year, and any acquisition agent or exchange agent registration required in this
section shall be renewed on December 31 of each odd-numbered year; provided
that this subsection shall not relieve the person required to register from the
obligation to notify the director promptly of any material change in any
information submitted to the director, nor shall it relieve the developer of
its obligation to promptly file amendments or supplements to the disclosure
statement, and to promptly supply the amendments or supplements to purchasers
of time share interests. [L 1980, c 186, pt of §1; am L 1981, c 81, §5; am L
1984, c 41, §4; am L 1985, c 114, §1 superseded by c 145, §1; gen ch 1985; am L
1987, c 60, §1; am L 1989, c 217, §2; am L 1994, c 91, §1; am L 2001, c 27, §1]