76-1727 Time-share interval; offer or sale; restrictions. - Nebraska Statutes

76-1727. Time-share interval; offer or sale; restrictions.A developer shall not offer or dispose of a time-share interval:(1) If the time-share program is not registered with the commission and not otherwise exempted under section 76-1738, except that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable at any time at the purchaser's option. In all cases, a reservation shall require a subsequent affirmative act by the purchaser by a separate instrument to create a binding obligation;(2) While an order revoking or suspending the registration of the time-share program is in effect; or(3) If the developer has not designated a duly licensed Nebraska real estate broker who accepts responsibility for the developer's actions in this state. SourceLaws 1980, LB 945, § 27; Laws 2001, LB 68, § 14.