§ 34-41-4.01 - Applicability – Exemptions.
SECTION 34-41-4.01
§ 34-41-4.01 Applicability –Exemptions. – (a) This Article applies to all time shares subject to this chapter except asprovided in subsection (b).
(b) Neither a public offering statement nor the materialsrequired by § 34-41-4.07 (Resale of Time Shares) need be prepared ordelivered in the case of:
(1) A gratuitous disposition of a time share;
(2) A disposition pursuant to court order;
(3) A disposition by a government or governmental agency;
(4) A disposition by foreclosure or deed in lieu offoreclosure;
(5) A disposition that may be canceled at any time and forany reason by the purchaser without penalty;
(6) A disposition of a time share in a unit situated whollyoutside this state pursuant to a contract executed wholly outside this state,if there has been no offering within this state;
(7) An offering by a developer of time shares in no more thanone time-share unit at any one time; or
(8) A disposition of a time-share property or all time sharestherein to one purchaser.