Time-Shares Sales Full Disclosure Act

Summary

Time-Share Sales Full Disclosure Act - Amends the Interstate Land Sales Full Disclosure Act to include time-share intervals, programs, and projects under its provisions. Renames such Act the Time-Share and Interstate Land Sales Full Disclosure Act. Defines time-share interval as: (1) an ownership or leasehold estate in real property devoted to a time-share fee and a time-share lease; or (2) any other contractural right of exclusive occupancy, including a vacation license, prepaid hotel reservation, club membership, limited partnership, or vacation bond. Defines time-share program as an arrangement under which the use, occupancy, or possession of real property is subject to a time-share interval circulated among time-share interval purchasers according to a time schedule occurring annually over any period in excess of three years. Defines time-share project as any real property subject to a time-share program.

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1 official file

• Introduced in House

  summary · EN · 30 September 1982

  Open at official source

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