§ 44-3-161 - Purpose of article
O.C.G.A. 44-3-161 (2010)
44-3-161. Purpose of article
The purposes of this article are to:
(1) Give statutory recognition to real property timesharing in this state;
(2) Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state;
(3) Require that developers of time-share projects:
(A) Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement;
(B) Deposit trust funds with an escrow agent;
(C) Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and
(D) Comply with promotional advertising standards;
(4) Establish operating standards for time-share project managing agents and exchange programs operating in this state; and
(5) Provide for sanctions for violations of any provisions of this article which will permit:
(A) Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and
(B) A claim for appropriate relief by any person adversely affected.