37-53-202. Application for registration. An application for registration of a timeshare offering must be in a form developed by the board in conjunction with input from the timeshare industry. The application must be signed by the applicant and accompanied by the registration fee. Except as provided in 37-53-204, the application must contain:
     (1) audited financial statements showing the financial condition of the developer and any affiliate, including:
     (a) a balance sheet dated within 4 months before the filing of the application for registration; and
     (b) statements of income, shareholders' equity, and material changes in financial position as of the end of the prior fiscal year and for any period between the end of the prior fiscal year and the date of the last balance sheet;
     (2) a projected budget for the timeshare project for 2 years after the offering being made, including but not limited to source of revenues and expenses of construction, development, management, maintenance, advertisement, operating reserves, interest, and any other necessary reserves;
     (3) a description of the background of the developer for the previous 10 years, including information about the business experience of the developer and any relevant criminal convictions, civil lawsuits, or administrative actions related to any offering during that period;
     (4) a statement disclosing any fees in excess of the stated price per unit to be charged to the purchasers, a description of their purpose, and the method of calculation;
     (5) a statement disclosing when and where the developer or an affiliate has previously sold timeshares;
     (6) a statement of any liens, defects, or encumbrances on or affecting the title to the timeshare units;
     (7) copies of all timeshare instruments;
     (8) a copy of the disclosure document provided for in 37-53-303, signed by the applicant;
     (9) an irrevocable consent to service of process signed by the applicant; and
     (10) any other information that the board may by rule require in the protection of the public interest or necessary to describe the risks involved.

     History: En. Sec. 4, Ch. 444, L. 1987; amd. Sec. 1, Ch. 12, L. 1993.