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Business and Professions Code - BPC - BPC § 11219
Business and Professions Code - BPC - BPC § 11219
(a) Time-share plans registered as Qualified Resort Vacation Club Projects under prior law shall continue to operate under that prior law notwithstanding anything in this chapter to the contrary. (b) (1) All registrations of time-share plans in effect on the effective date of thi
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Business and Professions Code - BPC - BPC § 11225
Business and Professions Code - BPC - BPC § 11225
A person shall not be required to register a time-share plan with the commissioner pursuant to this chapter if any of the following applies: (a) The person is an owner of a time-share interest who has acquired the time-share interest for the person’s own use and occupancy and who
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Business and Professions Code - BPC - BPC § 11226
Business and Professions Code - BPC - BPC § 11226
(a) Any person who, to any individual located in the state, sells, offers to sell, or attempts to solicit prospective purchasers to purchase a time-share interest, or any person who creates a time-share plan with an accommodation in the state, shall register the time-share plan w
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Business and Professions Code - BPC - BPC § 11226.1
Business and Professions Code - BPC - BPC § 11226.1
Any person offering to sell or lease any interest subject to the requirements of Section 11226 shall make a copy of each of the following documents available for examination by a prospective purchaser or lessee before the execution of an offer to purchase or lease and shall give
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Business and Professions Code - BPC - BPC § 11227
Business and Professions Code - BPC - BPC § 11227
(a) Subject to subdivision (h), the commissioner shall issue a final public report if all registration requirements have been met as set forth in this chapter and if all deficiencies and substantive inadequacies in the substantially complete application for a final public report
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Business and Professions Code - BPC - BPC § 11228
Business and Professions Code - BPC - BPC § 11228
The term of a final public report shall be limited to five years. A renewal shall be issued if the developer, owner, or agent makes application for renewal of any report and has submitted the additional information that the commissioner may require.
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Business and Professions Code - BPC - BPC § 11229
Business and Professions Code - BPC - BPC § 11229
(a) In connection with its review of the registration application of a time-share plan, the commissioner may make an examination of any time-share property submitted for registration pursuant to this chapter, and shall, unless there are grounds for denial, issue to the developer
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Business and Professions Code - BPC - BPC § 11230
Business and Professions Code - BPC - BPC § 11230
If the time-share plan, including any accommodations, or amenities within the common area are not completed prior to the issuance of a final public report for the time-share plan, the developer shall specify a reasonable date for completion and shall comply with any one of the fo
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Business and Professions Code - BPC - BPC § 11231
Business and Professions Code - BPC - BPC § 11231
Every registration required to be filed with the commissioner under this chapter shall be reviewed and issued the specified public report in accordance with the following schedule: (a) Time-share registration. Registration shall be effective only upon the issuance of a public rep
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Business and Professions Code - BPC - BPC § 11232
Business and Professions Code - BPC - BPC § 11232
(a) The commissioner may by regulation prescribe filing fees in connection with applications to the Department of Real Estate for a public report pursuant to the provisions of this chapter that are lower than the maximum fees specified in subdivision (b) if the commissioner deter
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Business and Professions Code - BPC - BPC § 11233
Business and Professions Code - BPC - BPC § 11233
An applicant for a public report for a time-share plan in which the use and occupancy of the time-share interest purchased in the time-share plan is determined according to a point system shall include in the application the following information: (a) Whether additional points ma
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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