37-53-401. Prize and gift promotional offers -- filing. (1) A separate filing for each prize and gift promotional offer to be used in the sale of timeshare intervals must be made with the board at least 14 days prior to the use of such offer by the developer. No advertising material related to a prize and gift promotional offer may be distributed unless it is first filed with the board. If the board determines that any prize or gift has been misrepresented by the developer and if upon notification thereof the developer fails to correct such misrepresentation, the board may revoke or suspend the application or registration of the developer.
     (2) Each filing of a prize and gift promotional offer with the board must include, when applicable:
     (a) a copy of all advertising material to be used in connection with the prize and gift promotional offer;
     (b) the name, address, and telephone number, including area code, of the supplier or manufacturer from whom each prize, gift, or other item is obtained;
     (c) the manufacturer's model number or other description of such item;
     (d) the information on which the developer relies in determining the verifiable retail value;
     (e) the name, address, and telephone number, including area code, of the promotional entity responsible for overseeing and operating the prize and gift promotional offer; and
     (f) the name and address of the registered agent in the state of the promotional entity for service of process purposes.
     (3) Each developer shall file with the board by March 1 of each year the name, address, and telephone number, including area code, of each person who actually received a prize, gift, or other item that had a verifiable retail value or manufacturer's suggested retail price in excess of $150.

     History: En. Sec. 20, Ch. 444, L. 1987.