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32-2197.21. Payment of finder fees; limits; prohibited activities; records; definition A. Notwithstanding sections 32-2155, 32-2163 and 32-2165 or any other provision of this chapter, a developer or managing entity may pay a finder fee to a person who is not licensed pursuant to this chapter and who owns a timeshare interest in the developer’s timeshare plan or in the timeshare plan managed by that managing entity. B. A finder fee paid pursuant to this section shall not exceed one thousand dollars in credit or nonmonetary compensation during any twelve month period. C. This section does not permit a person who is not licensed pursuant to this chapter to advertise or promote the person’s services in procuring or assisting to procure prospective timeshare interest purchasers. D. The developer or managing entity shall keep records of all finder fees paid pursuant to this section for three years after the payment is made. E. For purposes of this section, "finder fee" means credit or nonmonetary compensation paid to a person who is not licensed pursuant to this chapter, who owns a timeshare interest and who provides the name and address of a prospective purchaser to the developer or managing entity of the timeshare plan in which the owner previously purchased a timeshare interest. Recent legislative year: Laws 2010, Ch 20 §3
83 REAL ESTATE 32-2197.22 B. A person is exempt from this article if any of the following applies: 1. The person is either an owner of a timeshare interest or a real estate broker who represents an owner of a timeshare interest if the owner acquired the timeshare interest for the owner’s own use and occupancy and offers it for resale. 2. The person is a managing entity or an association or a designated agent of a managing entity or association if all of the following apply: (a) The entity or association is not a developer of a timeshare plan. (b) The person solely acts as an association or is under a contract with an association to offer or sell a timeshare interest transferred to the association through foreclosure, deed or gratuitous transfer if done in the regular course of, or incident to, the management of the association for the management’s account in the timeshare plan. (c) The managing entity or the association provides to each purchaser who is not an existing owner in the timeshare plan, the following disclosures before execution of the purchase agreement: (i) The name and address of the timeshare plan and of the managing entity of the timeshare plan. (ii) The following statement in conspicuous type located before the disclosure required by item (vi) of this subdivision: The current year’s assessment for common expenses allocable to the timeshare interest you are purchasing is $ . This assessment, which may be increased periodically by the managing entity of the timeshare plan, is payable in full each year on or before . This assessment (includes/ does not include) yearly ad valorem real estate taxes that (are/are not) billed and collected separately. (iii) If ad valorem real property taxes are not included in the current year’s assessment for common expenses, the following statement must be in conspicuous type located immediately after the disclosure required by item (ii) of this subdivision: The most recent annual assessment for ad valorem real estate taxes for the timeshare interest you are purchasing is $ . (iv) If there are any delinquent assessments for common expenses or ad valorem taxes outstanding with respect to the timeshare interest in question, the following statement must be in conspicuous type located immediately after the disclosure required by items (ii) and (iii) of this subdivision: A delinquency in the amount of $ for unpaid common expenses or ad valorem taxes currently exists with respect to the timeshare interest you are purchasing, together with a per diem charge of $ for interest and late charges. (v) The following statement in conspicuous type located immediately after the disclosure required by items (ii), (iii) and (iv) of this subdivision: Each owner is personally liable for the payment of the owner’s assessments for common expenses, and failure to timely pay these assessments may result in restriction or loss of your use and ownership rights. There are many important documents relating to the timeshare plan that you should review before purchasing a timeshare interest, copies of which are available from the association or the managing entity on request, including the declaration of condominium or covenants and restrictions, the association articles and bylaws, the current year’s operating and reserve budgets and any rules affecting the use of timeshare plan accommodations and facilities. (vi) The year in which the purchaser will first be entitled to occupancy or use of a timeshare period associated with the timeshare interest that is the subject of the resale purchase agreement. 3. The person offers a timeshare plan in a national publication or by electronic media, as determined by the commissioner or as provided by rule, that is not directed to or targeted to any individual located in the state. For purposes of this paragraph, ‘‘national publication’’ or ‘‘electronic media’’ means publications or media circulated, distributed and broadcast on a regional or national basis to residents of the United States and foreign countries. National publication or electronic media includes radio, newspapers, television, the internet and other media that is not intentionally directed to or targeted to individuals located in this state. The sending of a direct solicitation or electronic mail message to the internet address of an individual known to be located in this state is not an offer through a national publication or electronic media. 4. The person has acquired twelve or more timeshare interests in one or more voluntary or involuntary transactions and subsequently conveys, assigns or transfers twelve or more of the timeshare interests received to a single purchaser in a single transaction during the preceding twelve month period. C. The following are exempt communications from the provisions of this article: 1. Any stockholder communication including an annual report or interim financial report, proxy material, a registration statement, a securities prospectus, a registration, a property report or other material required to be delivered to a prospective purchaser by an agency of any state or the federal government. 2. Any oral or written statement disseminated by a developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property. Any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a seller in any manner or any distribution of copies of
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BROKERS AND SALESPERSONS —Cont’
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CLOSING —Cont’d Timeshares, §3
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