§ 93A-44. Public offering statement. - North Carolina Statutes

§93A‑44.  Public offering statement.

Each developer shall fully andconspicuously disclose in a public offering statement:

(1)        The total financialobligation of the purchaser, which shall include the initial purchase price andany additional charges to which the purchaser may be subject;

(2)        Any person who hasor may have the right to alter, amend or add to charges to which the purchasermay be subject and the terms and conditions under which such charges may beimposed;

(3)        The nature andduration of each agreement between the developer and the person managing thetime share program or its facilities;

(4)        The date ofavailability of each amenity and facility of the  time share program when theyare not completed at the time of sale of a time share;

(5)        The specific term ofthe time share;

(6)        The purchaser'sright to cancel within five days of execution of the contract and how thatright may be exercised under G.S. 93A‑45;

(7)        A statement thatunder North Carolina law an instrument conveying a time share must be recordedin the Register of Deeds Office to protect that interest; and

(8)        Any otherinformation which the Commission may by rule require.

The public offering statementshall also contain a one page cover containing a summary of the text of thestatement. (1983, c. 814, s. 1.)