64.36.050 - Timeshare offering -- Duration of registration -- Renewal -- Amendment -- Penalties. - Washington Statutes

Timeshare offering — Duration of registration — Renewal — Amendment — Penalties.

(1) A timeshare offering is registered for a period of one year from the effective date of registration unless the director specifies a different period.

     (2) Registration of a timeshare offering may be renewed for additional periods of one year each, unless the director by rule specifies a different period, by filing a renewal application with the director no later than thirty days before the expiration of the period in subsection (1) of this section and paying the prescribed fees. A renewal application shall contain any information the director requires to indicate any material changes in the information contained in the original application.

     (3) If a material change in the condition of the promoter, the promoter's affiliates, the timeshare project, or the operation or management of the timeshare project occurs during any year, an amendment to the documents filed under RCW 64.36.030 shall be filed, along with the prescribed fees, as soon as reasonably possible and before any further sales occur.

     (4) The promoter shall keep the information in the written disclosures reasonably current at all times by amending the registration. If the promoter fails to amend and keep current the written disclosures or the registrations in instances of material change, the director may require compliance under RCW 64.36.100 and assess penalties.

[1987 c 370 § 3; 1983 1st ex.s. c 22 § 6.]