§ 34-41-4.07 - Resales of time shares.
SECTION 34-41-4.07
§ 34-41-4.07 Resales of time shares.– (a) Except in the case of a sale where delivery of a public offering statementis required, or unless exempt under § 34-41-4.01(b), a seller of a timeshare shall furnish to the purchaser before execution of any contract for thesale, or otherwise before the transfer of title, a copy of the time-shareinstrument (other than any plats or plans) and a certificate containing:
(1) A statement disclosing the effect on the proposedtransfer of any right of first refusal or other restraint on transfer of thetime share or any portion thereof;
(2) A statement setting forth the amount of the periodictime-share expense liability and any unpaid time-share expense or specialassessment or other sums currently due and payable from the seller;
(3) A statement of any other fees payable by time-shareowners; and
(4) A statement of any judgments or other matters that are ormay become liens against the time share or the time-share unit and the statusof any pending suits that may result in those liens.
(b) A managing entity, within ten (10) days after a requestby a time-share owner, shall furnish a certificate containing the informationnecessary to enable the time-share owner to comply with this section. Atime-share owner providing a certificate pursuant to subsection (a) is notliable to the purchaser for any erroneous information provided by the managingentity and included in the certificate, other than for judgment liens againstthe time share or the time-share unit.
(c) A purchaser is not liable for any unpaid time-shareexpense liability or fee greater than the amount set forth in a certificateprepared by a managing entity. A time-share owner is not liable to a purchaserfor the failure or delay of a managing entity to provide the certificate in atimely manner, but the purchase contract is voidable by the purchaser until thecertificate has been provided and for five (5) days thereafter or untiltransfer, whichever first occurs.