66-32-207 - Developers subject to commission Prerequisites to vacation club offering. - Tennessee Statutes

66-32-207. Developers subject to commission Prerequisites to vacation club offering.

A developer of a vacation club interest shall in all respects be subject to the authority of the commission and any rules and regulations promulgated by the commission. Unless specifically exempted, a developer of a vacation club interest may not offer or dispose of a vacation club interest unless it is registered with the commission under § 66-32-123, and pays any fee required by § 66-32-123. Prior to offering any vacation club intervals in a vacation club, a developer shall provide the commission:

     (1)  Satisfactory evidence of the existence of the time-share intervals that are part of the vacation club;

     (2)  The marketing plan for the vacation club;

     (3)  Proof of ownership or a leasehold estate of the time-share intervals that are part of the vacation club; and

     (4)  Satisfactory proof of compliance with this part, including, but not limited to, a public offering statement, escrow of deposits, cancellation rights, advertising and promotional offers.

[Acts 1995, ch. 90, § 9.]