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Business and Professions Code - BPC - BPC § 11234
Business and Professions Code - BPC - BPC § 11234
A developer shall prepare, for issuance by the commissioner, a public report that shall fully and accurately disclose those facts concerning the time-share developer and time-share plan that are required by this chapter or by regulation. The developer shall provide the public rep
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Business and Professions Code - BPC - BPC § 11235
Business and Professions Code - BPC - BPC § 11235
(a) A person who has entered into a contract to purchase a short-term product shall have the right to rescind the contract until midnight of the seventh calendar day, or a later time as provided in the contract, following the day on which the contract is first made, in which even
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Business and Professions Code - BPC - BPC § 11236
Business and Professions Code - BPC - BPC § 11236
(a) A receipt on the form specified herein shall be taken by or on behalf of the developer from each person executing a reservation agreement under authority of a preliminary public report and each person who has made a written offer to purchase or lease a time-share interest und
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Business and Professions Code - BPC - BPC § 11237
Business and Professions Code - BPC - BPC § 11237
(a) If a purchaser of a time-share interest in a time-share plan is offered the opportunity to acquire an incidental benefit in connection with the sale of a time-share interest, the developer shall provide the purchaser with a disclosure statement containing all of the following
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Business and Professions Code - BPC - BPC § 11238
Business and Professions Code - BPC - BPC § 11238
(a) The purchase contract entered into by any person who has made an offer to purchase a time-share interest or interests, any incidental benefit, made on the same day or within seven calendar days after the person attended a sales presentation for a time-share interest, or any r
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Business and Professions Code - BPC - BPC § 11239
Business and Professions Code - BPC - BPC § 11239
(a) To inform a purchaser of his or her right of cancellation under Section 11238, the developer shall attach to the face page of every copy of a public report given to a prospective purchaser, the cancellation notice set forth in subdivision (b) thereof printed in conspicuous ty
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Business and Professions Code - BPC - BPC § 11240
Business and Professions Code - BPC - BPC § 11240
An estimated operating budget for the time-share plan shall be filed with the commissioner along with the other information required to be registered pursuant to this chapter, and shall contain the following information: (a) The estimated annual expenses of the time-share plan al
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Business and Professions Code - BPC - BPC § 11241
Business and Professions Code - BPC - BPC § 11241
(a) The developer is obligated for the expenses associated with unsold inventory held by the developer. The obligation can be fulfilled in either of the following ways: (1) The developer shall pay the full maintenance fee for each of the interests owned by the developer. (2) The
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Business and Professions Code - BPC - BPC § 11242
Business and Professions Code - BPC - BPC § 11242
(a) In any time-share plan, the developer may undertake to pay a portion of the assessments otherwise payable by each purchaser (“buy down subsidy”). Any developer undertaking to pay a buy down subsidy shall do both of the following: (1) Enter into a contract with the association
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Business and Professions Code - BPC - BPC § 11242.1
Business and Professions Code - BPC - BPC § 11242.1
(a) The assurance specified in Section 11241 and, if applicable, the assurance specified in Section 11242, shall be delivered to the trustee or an escrow depository acceptable to the department along with an executed copy of the subsidization contract and instructions to the escr
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Business and Professions Code - BPC - BPC § 11243
Business and Professions Code - BPC - BPC § 11243
The developer shall comply with the following escrow requirements: (a) A developer of a time-share plan shall deposit into an escrow account in an acceptable escrow depository 100 percent of all funds that are received during the purchaser’s rescission period. An acceptable escro
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Business and Professions Code - BPC - BPC § 11244
Business and Professions Code - BPC - BPC § 11244
(a) Excluding any encumbrance placed against the purchaser’s time-share interest securing the purchaser’s payment of purchase money financing for the purchase, the developer shall not be entitled to the release of any funds escrowed under Section 11243 with respect to each time-s
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Business and Professions Code - BPC - BPC § 11245
Business and Professions Code - BPC - BPC § 11245
(a) No person subject to this chapter shall do any of the following: (1) Make any material misrepresentation that is false or misleading in connection with any advertisement or promotion of a time-share plan. (2) Make a prediction of any increases in the resale price or resale va
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Business and Professions Code - BPC - BPC § 11246
Business and Professions Code - BPC - BPC § 11246
With each application for an amendment or renewal of a public report, and with the initial submittal of an application for a time-share plan in which sales have occurred prior to obtaining a California public report, the developer shall submit to the commissioner a certification
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Business and Professions Code - BPC - BPC § 11250
Business and Professions Code - BPC - BPC § 11250
A time-share plan may be created in any accommodation unless otherwise prohibited. All time-share plans shall maintain a one-to-one purchaser to accommodation ratio, which means the ratio of the number of purchasers eligible to use the accommodations of a time-share plan on a giv
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Business and Professions Code - BPC - BPC § 11251
Business and Professions Code - BPC - BPC § 11251
(a) The developer of a single site time-share plan and for the component sites of a multisite time-share plan located in the state, shall cause to be recorded prior to the closing of the first sale of a time-share interest in each accommodation in the time-share plan, covenants d
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Business and Professions Code - BPC - BPC § 11252
Business and Professions Code - BPC - BPC § 11252
In a time-share plan offering time-share use interests, the developer shall not encumber the accommodations of the time-share plan in a manner that could materially and adversely affect the use rights of the purchasers of the accommodations without the written assent of not less
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Business and Professions Code - BPC - BPC § 11253
Business and Professions Code - BPC - BPC § 11253
For single site time-share plans and component sites of multisite time-share plans located in this state, the time-share instrument shall require that the following insurance be at all times maintained in force to protect time-share interest owners in the time-share plan: (a) Ins
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Business and Professions Code - BPC - BPC § 11254
Business and Professions Code - BPC - BPC § 11254
(a) In a time-share plan in which the fee or a long-term leasehold interest in all or some of the accommodations and in appurtenant real and personal property is to be transferred to the association or to a corporate trustee under a trust agreement, the conveyance shall be made p
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Business and Professions Code - BPC - BPC § 11255
Business and Professions Code - BPC - BPC § 11255
(a) The department shall require that each of the accommodations in a time-share plan offering time-share use interests be conveyed to a trustee or an association acceptable to the commissioner prior to the closing of the escrow for the first sale of a time-share use interest tha
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Business and Professions Code - BPC - BPC § 11256
Business and Professions Code - BPC - BPC § 11256
(a) The contract proposed to be used by a developer applying for a public report for the sale or lease of time-share interests shall provide that if the escrow for sale or lease of a time-share interest does not close on or before the date set forth in the contract, or a later cl
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Business and Professions Code - BPC - BPC § 11265
Business and Professions Code - BPC - BPC § 11265
(a) For single site time-share plans and component sites of a specific time-share interest multisite time-share plan, the following requirements apply: (1) Except as provided in paragraph (2), regular assessments to defray the expenses of maintaining the time-share property and o
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Business and Professions Code - BPC - BPC § 11265.1
Business and Professions Code - BPC - BPC § 11265.1
(a) Regular and special assessments levied pursuant to the time-share instrument are delinquent 30 days after they become due, unless the time-share instrument provides a longer time period, in which case the longer time period shall apply. If an assessment is delinquent, the ass
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Business and Professions Code - BPC - BPC § 11266
Business and Professions Code - BPC - BPC § 11266
(a) An amendment of a provision of the declaration or other document establishing the time-share plan may not be adopted without the vote or written assent of at least 25 percent of the voting power of the association residing in members other than the developer. (b) An amendment
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Business and Professions Code - BPC - BPC § 11267
Business and Professions Code - BPC - BPC § 11267
(a) The time-share instruments shall require the use of a managing entity for the time-share plan or component site pursuant to a written management agreement that shall include all of the following provisions: (1) Delegation of authority to the managing entity to carry out the d