d. If a person represents that a premium or benefit will be awarded in connection with a promotion, the premium or benefit shall be awarded or conferred in the manner represented, and on or before the date represented for awarding or conferring the premium or benefit.
L. 2006, c. 63, § 21, eff. Oct. 31, 2006.
45:15-16.71. Detailed financial records
The managing entity shall keep detailed financial records directly related to the operation of the timeshare plan. All financial and other records shall be made reasonably available for examination by any purchaser, or the authorized agent of the purchaser, and the commission. The managing entity may charge the purchaser a reasonable fee for copying any requested information.
L. 2006, c. 63, § 22,eff. Oct. 31, 2006.
45:15-16.72. Maintenance of employee records
Every developer shall maintain, for a period of two years, records of any real estate brokers, broker-salespersons or salespersons licensed in the State and employed by the developer, as well as all other managerial employees located in the State and employed by the developer, including the last known address of each of those individuals.
L. 2006, c. 63, § 23, eff. Oct. 31, 2006.
45:15-16.73. Permitted action for partition
No action for partition of a timeshare interest may be initiated except as permitted by the timeshare instrument.
L. 2006, c. 63, § 24, eff. Oct. 31, 2006.
45:15-16.74. Refusal to issue, renew; revocation, suspension of registration; penalties
The commission may refuse to issue or renew any registration, or revoke or suspend any registration or place on probation or administrative supervision, or reprimand any registrant, or impose an administrative penalty not to exceed $ 50,000, in a summary proceeding pursuant to the “Penalty Enforcement Law of 1999,” P.L.1999, c.274 (C.2A:58-10 et seq.), after notice and an opportunity to be heard, for any of the following causes:
a.A registrant’s violation of any provision of this act or of the regulations adopted by the commission to enforce this act.
b.A conviction of the registrant or any principal of the registrant of:
(1)A felony that is punishable by death or imprisonment for a term exceeding one year under the laws of any state or federal jurisdiction;
(2)A misdemeanor under the laws of any state or federal jurisdiction if an essential element of the offense is dishonesty; or
(3)Any crime under the laws of any state or federal jurisdiction if the crime relates directly to the practice of the profession regulated by this act.
c.A registrant’s making any misrepresentation for the purpose of obtaining an order of registration or exemption.
d.A registrant’s discipline in another state or federal jurisdiction, State agency, or foreign country regarding the practice of the profession regulated by this act, if at least one of the grounds for the discipline is the same as or substantially equivalent to one of those set forth in this act.
e.A finding by the commission that the registrant, after having his registration placed on probationary status, has violated the terms of probation.
f.A registrant’s practicing or attempting to practice under a name other than the name as shown on his registration or any other legally authorized name.
g.A registrant’s failure to file a return, or to pay the tax, penalty, or interest shown in a filed return, or to pay any final assessment of tax, penalty, or interest, as required by any tax law administered by the State Department of the Treasury or any local government entity, until the requirements of any tax are satisfied.
h.A registrant’s engaging in any conduct likely to deceive, defraud or harm the public.
i.A registrant’s aiding or abetting another person in violating any provision of this act or of the regulations adopted by the commission to enforce this act.
j.Any representation in any document or information filed with the commission that is materially false or misleading.
k.A registrant’s disseminating or causing to be disseminated any materially false or misleading promotional materials or advertisements in connection with a timeshare plan.
1. A registrant’s concealing, diverting, or disposing of any funds or assets of any person in a manner that impairs the rights of purchasers of timeshare interests in the timeshare plan.
m.A registrant’s failure to perform any stipulation or agreement made to induce the commission to issue an order relating to the timeshare plan.
n.A registrant’s, or its agents or brokers engaging in any act that constitutes a violation of the “Law Against Discrimination,” P.L.1945, c.169 (C.10:5-1 et seq.).
o.A registrant’s, or its agent’s or broker’s failure to provide information requested in writing by the commission, either as the result of a complaint to the commission or as a result of a random audit conducted by the commission, which would indicate a violation of this act.