§514E-27  Alternative arrangements for
purchaser protection.  (a)  In recognition of the impossibility or
impracticability of a proposed time share plan satisfying some of the
requirements of section 514E-19 because of factors over which the developer has
little or no control, the director may accept arrangements, other than those
prescribed by section 514E-19, which in the judgment of the director will give
rights and remedies affording equivalent benefits and protections to time share
owners which are at least comparable in scope though not necessarily in nature
to those designed to be afforded by the section.



(b)  Whenever the director is asked to accept
alternative arrangements pursuant to this section, the director may contract
with an attorney or attorneys and may contract with any other private
consultants which the director or the attorney deems necessary or advisable, in
connection with the review of the proposed arrangements for protecting
purchasers; provided that the cost of retaining such attorneys and other
consultants shall be borne by the developer.  The attorney shall be asked to
thoroughly review the time share plan for the purpose of examining the
purchaser protections, including the documentation used in connection therewith
and the disclosure thereof in the developer's disclosure statement.  Upon
completing the review, the attorney shall provide a written analysis of the
proposal and an opinion as to the nature and extent of the protections which
the proposal affords purchasers against blanket liens.  The review of
alternative arrangements pursuant to this section shall be in addition to the
consultant review required under section 514E-10.5 for all filings which are
submitted by time share developers. [L 1982, c 186, §15; am L 1984, c 41, §2]