HARRY HUGHES, Governor

2985

SUCH LICENSEES, THE DEVELOPER SHALL HONOR THE RIGHTS OF ANY
PURCHASER TO CANCEL THE SALES CONTRACT. UPON SUCH CANCELLATION,
THE DEVELOPER SHALL REFUND TO THE PURCHASER ALL PAYMENTS MADE
WHICH EXCEED THE PROPORTIONATE AMOUNT OF BENEFITS MADE AVAILABLE
UNDER THE PLAN, USING THE NUMBER OF YEARS OF THE PROPOSED PLAN AS
THE BASE. SUCH REFUND SHALL BE MADE WITHIN 20 BUSINESS DAYS OF
DEMAND OR WITHIN 5 DAYS AFTER RECEIPT OF FUNDS FROM THE
PURCHASER'S CLEARED CHECK, WHICHEVER IS LATER.

11A-115.

(A)  IN THE EVENT OF THE RESALE OF A TIME-SHARE BY A
TIME-SHARE OWNER, THE SELLING TIME-SHARE OWNER SHALL FURNISH TO
THE PURCHASER BEFORE THE EXECUTION OF ANY SALES CONTRACT, OR, IF
THERE IS NO SALES CONTRACT, BEFORE THE TRANSFER OF TITLE OR USE,
A COPY OF THE TIME-SHARE INSTRUMENT, OTHER THAN PLATS AND PLANS,
AND A CERTIFICATE CONTAINING:

(1)  A STATEMENT DISCLOSING THE EFFECT ON THE PROPOSED
TRANSFER OF ANY RIGHT OF FIRST REFUSAL OR OTHER RESTRAINT ON
TRANSFER OF THE TIME-SHARE OR ANY PORTION THEREOF;

(2)  A STATEMENT SETTING FORTH THE AMOUNT OF THE
PERIODIC TIME-SHARE EXPENSE LIABILITY AND ANY UNPAID TIME-SHARE
EXPENSE OR OTHER SUMS CURRENTLY DUE AND PAYABLE FROM THE SELLING
TIME-SHARE OWNER IN RESPECT OF THE TIME-SHARE;

(3)  A STATEMENT OF ANY OTHER FACILITY FEES PAYABLE BY
TIME-SHARE OWNERS; AND

(4)  A STATEMENT OF ANY JUDGMENTS OR OTHER MATTERS
THAT ARE OR MAY BECOME LIENS AGAINST THE TIME-SHARE BEING SOLD OR
THE TIME-SHARE UNIT OF WHICH IT IS A PART AND THE STATUS OF ANY
PENDING SUITS THAT MAY RESULT IN THOSE LIENS.

(B)  THE MANAGING ENTITY, WITHIN 10 DAYS AFTER A WRITTEN
REQUEST BY THE SELLING TIME-SHARE OWNER, SHALL FOR A REASONABLE
FEE FURNISH A CERTIFICATE CONTAINING THE INFORMATION NECESSARY TO
ENABLE THE SELLING TIME-SHARE OWNER TO COMPLY WITH THIS SECTION.
A SELLING TIME-SHARE OWNER PROVIDING A CERTIFICATE FROM THE
MANAGING ENTITY IS NOT LIABLE TO THE PURCHASER FOR ANY ERRONEOUS
INFORMATION PROVIDED BY THE MANAGING ENTITY, OTHER THAN FOR
JUDGMENT LIENS AGAINST THE TIME-SHARE OR THE TIME-SHARE UNIT OF
WHICH IT IS A PART, BUT THE MANAGING ENTITY SHALL BE LIABLE
THEREFOR.

(C)  THE PURCHASER IS NOT LIABLE FOR ANY UNPAID TIME-SHARE
EXPENSE OR FACILITY FEE GREATER THAN THE AMOUNT SET FORTH IN A
CERTIFICATE PREPARED BY THE MANAGING ENTITY. THE SELLING
TIME-SHARE OWNER IS NOT LIABLE TO THE PURCHASER FOR THE FAILURE
OR DELAY OF A MANAGING ENTITY TO PROVIDE THE CERTIFICATE IN A
TIMELY MANNER.

(D)  ANY PURCHASER MAY AT ANY TIME WITHIN 7 DAYS FOLLOWING
RECEIPT OF ALL INFORMATION REQUIRED BY THIS SECTION, CANCEL THE