WASHINGTON STATUTES AND CODES

64.36.030 - Application for registration -- Contents.

Application for registration — Contents.

The application for registration signed by the promoter shall contain the following information on a form prescribed by the director:

     (1) The following financial statements showing the financial condition of the promoter and any affiliate:

     (a) A balance sheet as of a date within four months before the filing of the application for registration; and

     (b) Statements of income, shareholders' equity, and material changes in financial position as of the end of the last fiscal year and for any period between the end of the last fiscal year and the date of the last balance sheet;

     (2) A projected budget for the timeshare project for two years after the offering being made, including but not limited to source of revenues and expenses of construction, development, management, maintenance, advertisement, operating reserves, interest, and any other necessary reserves;

     (3) A statement of the selling costs per unit and total sales costs for the project, including sales commissions, advertisement fees, and fees for promotional literature;

     (4) A description of the background of the promoters for the previous ten years, including information about the business experience of the promoter and any relevant criminal convictions, civil law suits, or administrative actions related to such promotion during that period;

     (5) A statement disclosing any fees in excess of the stated price per unit to be charged to the purchasers, a description of their purpose, and the method of calculation;

     (6) A statement disclosing when and where the promoter or an affiliate has previously sold timeshares;

     (7) A statement of any liens, defects, or encumbrances on or affecting the title to the timeshare units;

     (8) Copies of all timeshare instruments; and

     (9) Any additional information to describe the risks which the director considers appropriate.