119A.4775  Disclosure of certain information before resale; regulations.

1.  Before a purchaser signs any contract to purchase a time share that is offered for resale, the person who is reselling the time share, other than a developer, shall disclose by a written document separate from the contract to purchase a time share:

(a) The period during which the purchaser may use the time share;

(b) A legal description of the interest in the time share;

(c) The earliest date that the prospective purchaser may use the time share;

(d) The name, address and telephone number of the agent managing the time-share plan and the project;

(e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained;

(f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any;

(g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment;

(h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory; and

(i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 2.

2.  The Administrator shall adopt regulations prescribing the form and contents of the disclosure statement described in this section.

(Added to NRS by 1999, 2687; A 2001, 2508)