37-53-211. Approval or disapproval of application or registration. (1) Registration of a timeshare offering is effective upon written notice of approval of the application by the board or upon the passage of 30 calendar days after filing of a completed application if not approved or denied prior to that time.
     (2) The board may issue an order denying, suspending, or revoking any application or registration if the board finds that the order is in the public interest and that:
     (a) the application or registration is incomplete or contains a statement that is false or misleading with respect to any material fact;
     (b) any provision of this chapter or any rule or order lawfully issued under this chapter has been violated;
     (c) the activities of the developer include or would include activities that are illegal; or
     (d) the timeshare offering has worked or would tend to work a fraud on purchasers.
     (3) The board shall promptly notify the applicant or registrant of any order denying, suspending, or revoking registration and of the applicant's or registrant's right to request a hearing within 20 days of receipt of notification. If the applicant or registrant does not request a hearing, the order remains in effect until the board modifies or vacates it.

     History: En. Sec. 8, Ch. 444, L. 1987; amd. Sec. 107, Ch. 429, L. 1995.