Registration statement required, content--approval by attorneygeneral, procedure--grandfather clause.
407.1243. 1. No travel club may offer vacation benefits for saleunless the travel club maintains an effective registration statement withthe Missouri attorney general that discloses the following information:
(1) The name of the travel club, including the name under which thetravel club is doing or intends to do business, if it is different from thename of the travel club;
(2) The name of any parent or affiliated organization that willengage in business transactions with the purchasers of travel benefits oraccept responsibility for statements made by, or acts of, the travel clubthat relate to sales solicited by the travel club;
(3) The travel club's business type and place of organization;
(4) If the travel club is an entity, the travel club's formation andgoverning documents, including articles of organization, bylaws, operatingagreements, and partnership agreements;
(5) If operating under a fictitious business name, the location wherethe fictitious name has been registered and the same information for anyparent or affiliated organization disclosed under subdivision (2) of thissubsection;
(6) The names and addresses of the principal owners, officers, anddirectors of the travel club;
(7) The addresses where the travel club shall offer travel clubmemberships for sale;
(8) The name and address of the registered agent in the state ofMissouri for service of process for the travel club;
(9) A brief description of the travel club memberships the travelclub is offering for sale; and
(10) The travel club has demonstrated that it possesses liquid assetsof at least two hundred fifty thousand dollars in the form of one or morecertificates of deposit or a letter of credit that is issued by a bankinginstitution with assets of at least seventy-five million dollars. Thisprovision shall also apply to renewals under section 407.1246. Theseliquid assets shall be available to the attorney general in the event thatthe travel club is adjudged to have failed to satisfy legal obligations toits members. Interest on any instrument provided shall accrue to thetravel club.
2. The attorney general shall evidence his or her receipt, approval,or disapproval, as the case may be, of a travel club's registrationstatement or registration renewal statement within thirty days from andafter the submission. Upon compliance with the foregoing requirements, theattorney general shall approve the registration statement. Should anyregistration fail to address any of the registration conditions as setforth above, the attorney general shall advise in writing the registrationdeficiencies and the manner in which said deficiencies shall be cured.Such advice shall be provided by the attorney general within fifteenworking days from the initial filing of the documents.
3. Travel clubs that are operational prior to August 28, 2005, maycontinue their business activities during the pendency of the attorneygeneral's processing of their registration statements; provided that suchregistration statement is filed with the attorney general within ninetycalendar days of August 28, 2005. Registration of a travel club shall notbe transferable.
4. The registration statement shall additionally have appendedthereto:
(1) The form of contract under which the travel club proposes to selltravel club memberships which contains the rescission statement;
(2) A check made to the order of the Missouri attorney general in theamount of fifty dollars.
Registration statement required, content--approval by attorneygeneral, procedure--grandfather clause.
407.1243. 1. No travel club may offer vacation benefits for saleunless the travel club maintains an effective registration statement withthe Missouri attorney general that discloses the following information:
(1) The name of the travel club, including the name under which thetravel club is doing or intends to do business, if it is different from thename of the travel club;
(2) The name of any parent or affiliated organization that willengage in business transactions with the purchasers of travel benefits oraccept responsibility for statements made by, or acts of, the travel clubthat relate to sales solicited by the travel club;
(3) The travel club's business type and place of organization;
(4) If the travel club is an entity, the travel club's formation andgoverning documents, including articles of organization, bylaws, operatingagreements, and partnership agreements;
(5) If operating under a fictitious business name, the location wherethe fictitious name has been registered and the same information for anyparent or affiliated organization disclosed under subdivision (2) of thissubsection;
(6) The names and addresses of the principal owners, officers, anddirectors of the travel club;
(7) The addresses where the travel club shall offer travel clubmemberships for sale;
(8) The name and address of the registered agent in the state ofMissouri for service of process for the travel club;
(9) A brief description of the travel club memberships the travelclub is offering for sale; and
(10) The travel club has demonstrated that it possesses liquid assetsof at least two hundred fifty thousand dollars in the form of one or morecertificates of deposit or a letter of credit that is issued by a bankinginstitution with assets of at least seventy-five million dollars. Thisprovision shall also apply to renewals under section 407.1246. Theseliquid assets shall be available to the attorney general in the event thatthe travel club is adjudged to have failed to satisfy legal obligations toits members. Interest on any instrument provided shall accrue to thetravel club.
2. The attorney general shall evidence his or her receipt, approval,or disapproval, as the case may be, of a travel club's registrationstatement or registration renewal statement within thirty days from andafter the submission. Upon compliance with the foregoing requirements, theattorney general shall approve the registration statement. Should anyregistration fail to address any of the registration conditions as setforth above, the attorney general shall advise in writing the registrationdeficiencies and the manner in which said deficiencies shall be cured.Such advice shall be provided by the attorney general within fifteenworking days from the initial filing of the documents.
3. Travel clubs that are operational prior to August 28, 2005, maycontinue their business activities during the pendency of the attorneygeneral's processing of their registration statements; provided that suchregistration statement is filed with the attorney general within ninetycalendar days of August 28, 2005. Registration of a travel club shall notbe transferable.
4. The registration statement shall additionally have appendedthereto:
(1) The form of contract under which the travel club proposes to selltravel club memberships which contains the rescission statement;
(2) A check made to the order of the Missouri attorney general in theamount of fifty dollars.
Registration statement required, content--approval by attorneygeneral, procedure--grandfather clause.
407.1243. 1. No travel club may offer vacation benefits for saleunless the travel club maintains an effective registration statement withthe Missouri attorney general that discloses the following information:
(1) The name of the travel club, including the name under which thetravel club is doing or intends to do business, if it is different from thename of the travel club;
(2) The name of any parent or affiliated organization that willengage in business transactions with the purchasers of travel benefits oraccept responsibility for statements made by, or acts of, the travel clubthat relate to sales solicited by the travel club;
(3) The travel club's business type and place of organization;
(4) If the travel club is an entity, the travel club's formation andgoverning documents, including articles of organization, bylaws, operatingagreements, and partnership agreements;
(5) If operating under a fictitious business name, the location wherethe fictitious name has been registered and the same information for anyparent or affiliated organization disclosed under subdivision (2) of thissubsection;
(6) The names and addresses of the principal owners, officers, anddirectors of the travel club;
(7) The addresses where the travel club shall offer travel clubmemberships for sale;
(8) The name and address of the registered agent in the state ofMissouri for service of process for the travel club;
(9) A brief description of the travel club memberships the travelclub is offering for sale; and
(10) The travel club has demonstrated that it possesses liquid assetsof at least two hundred fifty thousand dollars in the form of one or morecertificates of deposit or a letter of credit that is issued by a bankinginstitution with assets of at least seventy-five million dollars. Thisprovision shall also apply to renewals under section 407.1246. Theseliquid assets shall be available to the attorney general in the event thatthe travel club is adjudged to have failed to satisfy legal obligations toits members. Interest on any instrument provided shall accrue to thetravel club.
2. The attorney general shall evidence his or her receipt, approval,or disapproval, as the case may be, of a travel club's registrationstatement or registration renewal statement within thirty days from andafter the submission. Upon compliance with the foregoing requirements, theattorney general shall approve the registration statement. Should anyregistration fail to address any of the registration conditions as setforth above, the attorney general shall advise in writing the registrationdeficiencies and the manner in which said deficiencies shall be cured.Such advice shall be provided by the attorney general within fifteenworking days from the initial filing of the documents.
3. Travel clubs that are operational prior to August 28, 2005, maycontinue their business activities during the pendency of the attorneygeneral's processing of their registration statements; provided that suchregistration statement is filed with the attorney general within ninetycalendar days of August 28, 2005. Registration of a travel club shall notbe transferable.
4. The registration statement shall additionally have appendedthereto:
(1) The form of contract under which the travel club proposes to selltravel club memberships which contains the rescission statement;
(2) A check made to the order of the Missouri attorney general in theamount of fifty dollars.
