75-24-101 - Promotional devices for interests in real property; disclosure requirements; penalties. - Mississippi Statutes

§ 75-24-101. Promotional devices for interests in real property; disclosure requirements; penalties.
 

(1)  No sweepstakes, lodging, certificate, gift, award, premium, discount, drawing, prize or display may be utilized as a promotional device for any interest in real property by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right-to-use agreement, or by any other means, without a disclosure: 

(a) That the promotional device is being used for the purposes of soliciting sales of interests in real property; 

(b) That the promotional device is being used to obtain the names and addresses of prospective purchasers and that any names and addresses acquired may be used for the purpose of soliciting sales of interests in real property; 

(c) Of the name and address of each time-sharing plan or business entity participating in the program; 

(d) Of the day and year when all prizes are to be awarded; 

(e) Of the method by which all prizes are to be awarded; and 

(f) Of the approximate value of each prize or gift that is to be awarded. 

(2)  Any person, corporation or association that knowingly and willfully violates the provisions of subsection (1) of this section shall be guilty of a misdemeanor and shall upon conviction thereof be punished by a fine of not exceeding One Thousand Dollars ($1,000.00) per violation. 

(3)  Any violation of subsection (1) of this section shall be considered an unfair or deceptive act in the conduct of trade or commerce and shall be subject to the rights and remedies as provided for by Chapter 24, Title 75, Mississippi Code of 1972. 
 

Sources: Laws,  1987, ch. 444, eff from and after July 1, 1987.