tion or any other means, to encourage a person to acquire a timeshare interest in a timeshare plan, for gain or profit.
“Person” means a natural person, corporation, limited liability company, partnership, joint venture, association, estate, trust, government, governmental subdivision or agency, or other legal entity or any combination thereof.
“Promotion” means a plan or device, including one involving the possibility of a prospective purchaser receiving a vacation, discount vacation, gift, or prize, used by a developer, or an agent, independent contractor, or employee of a developer, agent or independent contractor on behalf of the developer, in connection with the offering and sale of timeshare interests in a timeshare plan.
“Purchaser” means any person, other than a developer, who by means of a voluntary transfer acquires a legal or equitable interest in a timeshare plan other than as security for an obligation.
“Purchase contract” means a document pursuant to which a person becomes legally obligated to sell, and a purchaser becomes legally obligated to buy, a timeshare interest.
“Reservation system” means the method, arrangement or procedure by which a purchaser, in order to reserve the use or occupancy of any accommodation of a multi-site timeshare plan for one or more timeshare periods, is required to compete with other purchasers in the same multi-site timeshare plan, regardless of whether the reservation system is operated and maintained by the multi-site timeshare plan managing entity or any other person.
“Sales agent” means any person who performs within this State as an agent or employee of a developer any one or more of the services or acts as set forth in this act, and includes any real estate broker, broker salesperson or salesperson licensed pursuant to R.S. 45:15-1 et seq., or any person who purports to act in any such capacity.
“Timeshare instrument” means one or more documents, by whatever name denominated, creating or governing the operation of a timeshare plan.
“Timeshare interest” means and includes either:
(1)A “timeshare estate,” which is the right to occupy a timeshare property, coupled with a freehold estate or an estate for years with a future interest in a timeshare property or a specified portion thereof; or
(2)A “timeshare use,” which is the right to occupy a timeshare property, which right is neither coupled with a freehold interest, nor coupled with an estate for years with a future interest, in a timeshare property.
“Timeshare period” means the period or periods of time when the purchaser of a timeshare plan is afforded the opportunity to use the accommodations of a timeshare plan.
“Timeshare plan” means any arrangement, plan, scheme, or similar device, whether by membership agreement, sale, lease, deed, license, or right to use agreement or by any other means, whereby a purchaser, in exchange for consideration, receives ownership rights in or the right to use accommodations for a period of time less than a full year during any given year on a recurring basis, but not necessarily for consecutive years. A timeshare plan may be:
(1)A “single-site timeshare plan,” which is the right to use accommodations at a single timeshare property; or
(2)A “multi-site timeshare plan,” which includes:
(a) A “specific timeshare interest,” which means an interest wherein a purchaser has, only through a reservation system:
(i)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
(ii)the right to reserve accommodations on a non-priority basis at other component sites that are part of the multi-site timeshare plan; or
(b) 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.
L. 2006, c. 63, § 2, eff. Oct. 31, 2006.
45:15-16.52. Applicability of act
This act shall apply to the following:
a.Timeshare plans with an accommodation or component site in the State; and
b.Timeshare plans without an accommodation or component site in this State if those timeshare plans are offered to be sold within this State, regardless of whether the offer originates from within or outside of this State.
L. 2006, c. 63, § 3, eff. Oct. 31, 2006.
45:15-16.53. Inapplicability of act
a. This act shall not apply to any of the following:
(1) Timeshare plans, whether or not an accommodation or component site is located in the State, consisting of 10 or fewer timeshare interests;