44-3-178. Exceptions to public offering statement requirement under this article.

In lieu of the public offering statement required by this article, the developer may give prospective purchasers a public offering statement or similar disclosure document which meets the requirements of the Federal Securities and Exchange Act of 1933 or, if the time-share project is located in another state, a public offering statement or similar disclosure document which that state may require to be prepared and provided to purchasers.#

A public offering statement need not be prepared or delivered in the case of:#

1. (1)

   A transfer of a time-share interval by any time-share interval owner or user other than the developer or such developer’s agent;#

2. (2)

   A disposition pursuant to court order;#

3. (3)

   A disposition by a government or governmental agency;#

4. (4)

   A disposition by foreclosure or deed in lieu of foreclosure;#

5. (5)

   A disposition of a time-share interval in a time-share project situated wholly outside this state, provided that all solicitations and negotiations took place wholly outside this state and the sales agreement was executed wholly outside this state;#

6. (6)

   A gratuitous transfer of a time-share interval; or#

7. (7)

   Group reservations made for 15 or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations when deposits are made and held for more than three years in advance.#