11:5-9A.3 INSURANCE
i. A “specific timeshare interest,” which means an interest wherein a purchaser has, only through a reservation system:
(1) A priority right to reserve accommodations at a specific timeshare property without competing with owners of timeshare interests at other component sites that are part of the multi-site timeshare plan, which priority right extends for at least 60 days; and
(2) The right to reserve accommodations on a non-priority basis at other component sites that are part of the multi-site timeshare plan; or
ii. A “non-specific timeshare interest,” which means an interest wherein a purchaser has, only through a reservation system, the right to reserve accommodations at any component site of the multi-site timeshare plan, with no priority right to reserve accommodations at any specific component site.
“Timeshare property” means one or more accommodations subject to the same timeshare instrument, together with any other property or rights to property appurtenant to those accommodations.
11:5-9A.3 Forms of documents
(a) Provisions concerning documents with respect to the registration of timeshare plans with the Commission are as follows. With the exception of the affidavits or affirmations referenced in (a)6 below, the documents may be filed on a properly bookmarked and indexed computer disc (CD-ROM) or other electronic medium acceptable to the Commission.
1. All registration statements of record submitted to the Commission shall be referenced and properly indexed and, if submitted on paper, properly bound.
2. All paper documents submitted to the Commission for filing shall, wherever possible, be typewritten on one side of the paper only.
3. One copy of each exhibit or document shall be submitted, unless the Commission requests more than one copy.
4. All paper documents submitted to the Commission shall not exceed 8 1/2 x 14 inches.
5. An applicant shall submit verified copies of original documents.
6. An affidavit or affirmation as prescribed in the Commission’s forms shall be executed for each of the following documents:
i. An application for preliminary, comprehensive and abbreviated registrations;
ii. An annual report;
iii. A statement of non-conviction; iv. A consent(s) to service of process; and
v. A broker’s affidavit, including an application for a broker’s release.
7. The acceptance of a registration and offering statement approved in another state may be conditioned upon an acceptable on-site inspection.
11:5-9A.4 Registration filings
(a) A developer who sells, offers to sell, or attempts to solicit prospective purchasers in this State to purchase a timeshare interest, or any person who creates a timeshare plan with an accommodation in this State, shall register with the Commission, on forms provided by the Commission or in electronic formats authorized by the Commission, all timeshare plans which have accommodations located in this State or which are sold or offered for sale to any individual located in this State.
(b) Preliminary registration requirements are as follows:
1. Upon the submission of an application approved by the Commission, the Commission may grant a 90-day preliminary registration to allow the developer to begin offering and selling timeshare interests in a timeshare plan regardless of whether the accommodations of the timeshare plan are located within or outside of the State. Upon submission to the Commission of a substantially complete application for an abbreviated or comprehensive registration under the Act, including all appropriate fees prior to the expiration date of the preliminary registration, the preliminary registration shall be automatically extended during the registration review period provided that the developer is actively and diligently pursuing registration under the Act. The preliminary registration shall automatically terminate with respect to those timeshare interests covered by an approved public offering statement and by a final order of registration that is issued before the scheduled termination date of the preliminary registration. The preliminary registration shall also terminate upon the issuance of any notice of rejection due to the developer’s failure to comply with the provisions of the Act.
2. Upon termination of a preliminary registration order for any reason other than the issuance of a final order of registration and public offering statement, all reservations executed under the preliminary registration shall be null and void, and all funds obtained shall be refunded to the purchaser within 15 days of termination. Evidence of such refunds must be filed with the Commission within 30 days of the date of termination.
3. To obtain a preliminary registration, the developer shall provide all of the following:
i. The reservation instrument to be used, in a form previously approved by the Commission and supplied with the preliminary registration application, which shall, at a minimum, provide for the following: