defeat the rights of subdivision purchasers, made an intentionalmisrepresentation or concealed a material fact in an applicationfor registration, or disposed of any subdivision or subdividedlands required to be registered under section 7 [C.45:15-16.33]of this act which are not so registered, the court shall, in addition to any other appropriate legal or equitable remedy, awarddouble the damages suffered, and court costs expended, including reasonable attorney’s fees. In the case of an untruth, omission, or misleading statement the developer sustains the burdenof proving that the purchaser knew of the untruth, omission ormisleading statement, or that he did not rely on such information, or that the developer did not know, and in the exercise ofreasonable care could not have known, of the untruth, omission,or misleading statement.
b.The court may, in addition to the remedies provided inthis act, frame any other relief that may be appropriate under thecircumstances including, in the court’s discretion, restitution ofall monies paid and, where a subdivider has failed to provide toa purchaser a copy of the current public offering statementapproved by the commission prior to execution of the contractor agreement, rescission of the contract. If the purchaser fails toestablish a cause of action, and the court further detennines thatthe action was wholly without merit, the court may awardattorney’s fees to the developer or subdivider.
c.Every person who directly or indirectly controls a subdivision or developer and violates the provisions of subsection a. ofthis section, every general partner, officer, or director of a developer, and every person occupying a similar status or performinga similar function, shall be jointly and severally liable with andto the same extent as the developer. The person otherwise liablepursuant to this subsection sustains the burden of proof that hedid not know, and in the exercise of reasonable care could nothave known, of the existence of the facts by reason of which theliability is alleged to exist. There is a right to contribution amongpersons found liable.
d.Any stipulation or provision purporting to bind any purchaser acquiring a parcel, lot, unit, or interest in any development subject to the provisions of this act to a waiver of compliance with the provisions of this act, shall be void.
e.Any party to an action asserting a claim, counterclaim ordefense based upon any violation of this act shall mail a copy ofthe initial or responsive pleading containing the claim, counterclaim or defense to the commission within 10 days of the filingof the pleading with court. Upon application to the court wherethe matter is pending, the commission shall be permitted to intervene or to appear in any status appropriate to the matter.
prior to August 2, 1989, under the “Land Sales Full Disclosure Act,” P.L.1975, c. 235 (C. 45:15-16.3 et seq.) shall, upon the enactment of this act, be deemed in force and effect for the remainder of the 12-month period for which it was issued.
L. 1989, c. 239, § 22.
45:15-16.49. Rules and regulations
The commission shall, pursuant to the provisions of the “Administrative Procedure Act,” P.L.1968, c. 410 (C. 52:14B-1 et seq.), promulgate rules and regulations necessary to effectuate the provisions of this act. The rules may include, but shall not be limited to: a. provisions for advertising standards to insure full and fair disclosure; b. provisions for adequate bondings or access to some escrow or trust fund not otherwise required by the municipal governing body to be located within this State, or the state or country where the property is located, so as to insure compliance with the provisions of this act, and to compensate purchasers for failure of the registrant to perform in accordance with the terms of any contract or public statement; c. provisions that require a registrant to deposit purchaser down payments, security deposits or other funds in an escrow account, or with an attorney licensed to practice law in this State, or the state or country where the property is located, until such time as the commission by its rules and regulations deems it appropriate to permit such funds to be released; d. provisions to insure that all contracts between developer and purchaser are fair and reasonable; e. provisions that the developer must give a fair and reasonable warranty on construction of any improvements; f. provisions that the budget for the operation and maintenance of the common or shared elements or interest shall provide for adequate reserves for depreciation and replacement of the improvements; g. provisions for operating procedures; and h. other rules and regulations necessary to effectuate the purposes of this act, and taking into account and providing for, the broad range of development plans and devises, management mechanisms, and methods of ownership, permitted under the provisions of this act.
L. 1989, c. 239, § 23.
45:15-16.50. Short title [New Jersey Real Estate Timeshare Act]
Sections 1 through 36 [C.45:15-16.50 through C.45:1516.85] of this act shall be known and may be cited as the “New Jersey Real Estate Timeshare Act.”
L. 2006, c. 63, § 1, eff. Oct. 31, 2006.
45:15-16.51. Definitions relative to timeshares
L. 1989, c. 239, § 21.
45:15-16.48. Existing registrations deemed in force and effect
Any registration of a subdivision or amendment thereto, orconsolidation, or renewal thereof approved by the commission
22 As used in sections 1 through 36 [C.45:15-16.50 through C.45:15-16.85] of this act:
“Accommodation” means any apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure containing toilet facilities therein