More Nevada laws regarding timeshares
There are separate provisions regarding developer sales and resales, but I do not believe that the statutes mean for the following provisions to apply ONLY to developer sales:
NRS 119A.410 Right to cancel contract of sale.
1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right.
2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser.
3. The notice of cancellation may be delivered personally to the developer or sent by certified mail, return receipt requested, to the business address of the developer.
4. The developer shall, within 15 days after receipt of the notice of cancellation, return all payments made by the purchaser.
(Added to NRS by 1983, 982; A 1985, 1141; 1987, 894; 2003, 984; 2007, 1549)
RESALE OF TIME SHARES
NRS 119A.4771 Registration and licensing of person listing, advertising, soliciting or promoting sale of 12 or more previously sold time shares on behalf of owner other than developer; exception.
1. A person who, on behalf of an owner other than a developer, wishes to list, advertise or promote for resale, or solicit prospective purchasers of, 12 or more time shares that were previously sold must:
(a) Be licensed as a real estate broker pursuant to the provisions of chapter 645 of NRS; and
(b) Register as a time-share resale broker with the Division by completing a form for registration provided by the Division.
2. A time-share resale broker shall renew his or her registration with the Division annually on a form provided by the Division.
3. Unless the method of resales of time shares is made to evade the provisions of this chapter, a person is not required to register as a time-share resale broker if the person:
(a) Has acquired fewer than 12 time shares and later resells or offers to resell one or more of those time shares; or
(b) Is a project broker who resells or offers to resell a time share in a project as an agent for a developer who holds a permit for the project.
(Added to NRS by 1999, 2687; A 2001, 2507)
NRS 119A.4773 Filing of advertisement or offering required.
1. A time share must not be advertised or offered for resale within this state until the advertisement or offering is filed with the Division.
I wonder if they complied with this provision
2. Each such filing must include:
(a) The form and content of advertising to be used;
(b) The nature of the offer of gifts or other free benefits to be extended; and
(c) The nature of promotional meetings involving any person or act described in NRS 119A.300.
(Added to NRS by 1999, 2688; A 2001, 2508)
NRS 119A.4775 Disclosure of certain information before resale; regulations.
1. Before a purchaser signs any contract to purchase a time share that is offered for resale, the person who is reselling the time share, other than a developer, shall disclose by a written document separate from the contract to purchase a time share:
(a) The period during which the purchaser may use the time share;
(b) A legal description of the interest in the time share;
(c) The earliest date that the prospective purchaser may use the time share;
(d) The name, address and telephone number of the agent managing the time-share plan and the project;
(e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained;
(f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any;
(g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment;
(h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory; and
(i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 2.
2. The Administrator shall adopt regulations prescribing the form and contents of the disclosure statement described in this section.
Also the following:
NRS 119A.710 Unfair methods of competition; deceptive or unfair acts. It is unlawful to engage in unfair methods of competition or deceptive or unfair acts in the offer to sell or sale of a time share including, without limitation:
1. Misrepresenting or failing to disclose any material fact concerning a time share. Do you think that failing to disclose that the actual fair market value of the unit is substantially less than the purchase price is a "material fact."
2. Including in an agreement for the purchase of a time share provisions purporting to waive any right or benefit provided for purchasers under this chapter.
3. Receiving from a prospective purchaser any money or other valuable consideration before the purchaser has received a statement of public offering. Interestingly, I do not believe that this sections of the statute differentiates between developers and resellers
4. Misrepresenting the amount of time or period of time the unit will be available to a purchaser.
5. Misrepresenting the location or locations of the unit.
6. Misrepresenting the size, nature, extent, qualities or characteristics of the unit. another place where misrepresentation is likely to have occurred - how much time did they tell you you would be able to exchange for?
7. Misrepresenting the nature or extent of any services incident to the unit.
8. Misrepresenting the conditions under which a purchaser may exchange occupancy rights to a unit in one location for occupancy rights to a unit in another location. Highly likely that there was a violation here
9. Failing to disclose initially that any promised entertainment, food or other inducements are being offered to solicit the sale of a time share. And maybe here, too?
10. Conducting or participating in, without prior approval by the Division, any type of lottery or contest, or offering prizes or gifts to induce or encourage a person to visit a project, attend a meeting at which a time share will be discussed, attend a presentation or purchase a time share.
11. Failing to disclose initially to a prospective purchaser any agreement between the project broker or sales agent and the developer that results in a sharing of sales proceeds in excess of a minimum sales price for a time share.
12. Any act or practice considered an unfair method of competition or an unfair or deceptive act or practice under NRS 207.170, 207.171 or 598.0915 to 598.0925, inclusive, or chapter 598A or 599A of NRS.
(Added to NRS by 1985, 1134; A 1989, 650; 1991, 98; 2001, 2516)
