| OCR Text |
Show State adopts new timeshare regulations The Real Estate Division of the Utah Department of Business Regulation has recently adopted new rules which will apply to all timeshare developments located lo-cated in Utah or those which are offered for sale in Utah but are located outside of the of of a All f i rv noVinrn 4irAlrtt known as the Utah Unitorm Land Sales Practices Act, has now been amended to include timeshare developments. develop-ments. The registration and public disclosure requirements require-ments which have applied to subdivided lands will now be applicable to timeshare de- trolnnmpntc ac upll verea Dy tne puDiic onering statement include the condition condi-tion of the title to the property, conveyancing and financing details, exchange privileges, and full details 01. available or planned improvements. im-provements. The Division will require adequate financial finan-cial assurances from the Diaic, nil Lin i voiicii v ucTtiup- ments which have ten or more intervals offered for sale must register with the Division by Oct. 15, 1983. After Oct. 15, it will be unlawful to offer or to sell timeshare interests without this registration. Registration of timeshare development is required by the Utah Uniform Land and Timeshare Sales Practices Act. This act, previously Timeshare developers will now be required to furnish a public offering statement to prospective purchasers which will disclose the material terms necessary to enable them to make an informed decision about purchase. pur-chase. All costs associated with timeshare ownership must be explained, as must the exact nature of the legal interest which is being marketed. Other topics co- developer to insure a reasonable reason-able likelihood of completion of the plan of development. For specific information on how to comply with the new registration requirements, require-ments, timeshare developers develop-ers should contact the Real Estate Division, Heber M. Wells Building, 160 East 300 South, P.O. Box 5802, Salt Lake City, Utah 84110. Telep-phone Telep-phone 530-6747. |
