44-3-161. Purpose of article.

The purposes of this article are to:

Give statutory recognition to real property timesharing in this state;#

Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state;#

Require that developers of time-share projects:#

1. (A)

   Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement;#

2. (B)

   Deposit trust funds with an escrow agent;#

3. (C)

   Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and#

4. (D)

   Comply with promotional advertising standards;#

Establish operating standards for time-share project managing agents and exchange programs operating in this state; and#

Provide for sanctions for violations of any provisions of this article which will permit:#

1. (A)

   Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and#

2. (B)

   A claim for appropriate relief by any person adversely affected.#