§514E-9  Disclosure statement.  (a)  Any
offering of a time sharing plan to the public shall disclose:



(1)  The name and address of the developer and of the
time share units;



(2)  The name and address of the plan manager, if any,
and a description of the plan manager's responsibilities and authority;



(3)  A description of the time share units, including
the developer's schedule for completion of all buildings, units and amenities
and dates of availability;



(4)  If the time share plan is located in a condominium
property regime, a description of the project and any pertinent provisions of
the project instruments;



(5)  Any restraints on the transfer of the buyer's
time share interest in the time share units or plan;



(6)  Whether the time share plan is a time share
ownership plan or a time share use plan, along with a description of the rights
and responsibilities under said plan;



(7)  A statement that there is a seven-calendar-day
period of mutual rescission;



(8)  A statement that pursuant to section 514E-11.3,
every sale or transfer, made in violation of this chapter is voidable at the
election of the purchaser;



(9)  Notice of any liens, title defects or
encumbrances on or affecting the title to the units or plan;



(10)  Notice of any pending or anticipated suits that
are material to the time share units or plan, of which the developer has, or
should have, knowledge;



(11)  The total financial obligation of the purchaser,
which shall include the initial price and any additional charges to which the
purchaser may be subject;



(12)  An estimate of the dues, maintenance fees, real
property taxes, and similar periodic expenses, and the method or formula by
which they are derived and apportioned; and



(13)  Other disclosures required by the director, as
provided by rules adopted pursuant to chapter 91.



(b)  The requirements of this section shall not
apply to the following transactions:



(1)  Any transaction pursuant to order of any court;



(2)  Any disposition by a government or governmental
agency;



(3)  Normal hotel operations; or



(4)  Any gratuitous transfer.



(c)  A developer or sales agent shall promptly
amend or supplement the disclosure statement to report any material change in
the information required by this section. [L 1980, c 186, pt of §1; am L 1981,
c 81, §4; am L 1985, c 114, §3; gen ch 1985; am L 1988, c 65, §2]