HARRY HUGHES, Governor

2993

(15)  THE DISPOSITION MADE BY THE EXCHANGE COMPANY OF
TIME-SHARE PERIODS DEPOSITED WITH THE EXCHANGE PROGRAM BY
PURCHASERS ENROLLED IN THE EXCHANGE PROGRAM AND NOT USED BY THE
EXCHANGE COMPANY IN EFFECTING EXCHANGES;

(16)  THE FOLLOWING INFORMATION WHICH SHALL BE
INDEPENDENTLY AUDITED BY A CERTIFIED PUBLIC ACCOUNTANT OR
ACCOUNTING FIRM IN ACCORDANCE WITH THE STANDARDS OF THE
ACCOUNTING STANDARDS BOARD OF THE AMERICAN INSTITUTE OF CERTIFIED
PUBLIC ACCOUNTANTS, AND REPORTED ON AN ANNUAL BASIS ON OR BEFORE
JULY 1 OF THE SUCCEEDING YEAR BUT PREPARED NOT MORE THAN 18
MONTHS BEFORE THE INFORMATION IS DELIVERED:

(I)  THE NUMBER OF PURCHASERS CURRENTLY ENROLLED
IN THE EXCHANGE PROGRAM;

(II)  THE NUMBER OF ACCOMMODATIONS AND
FACILITIES THAT HAVE CURRENT AFFILIATION AGREEMENTS WITH THE
EXCHANGE PROGRAM;

(III)  THE PERCENTAGE OF CONFIRMED EXCHANGES
WHICH SHALL BE BASED ON THE NUMBER OF EXCHANGES PROPERLY APPLIED
FOR, TOGETHER WITH THE CRITERIA USED TO DETERMINE WHETHER AN
EXCHANGE REQUEST WAS PROPERLY APPLIED FOR;

(IV)  THE NUMBER OF TIME-SHARE PERIODS FOR WHICH
THE EXCHANGE PROGRAM HAS AN OUTSTANDING OBLIGATION TO PROVIDE AN
EXCHANGE TO PURCHASERS WHO RELINQUISHED A TIME-SHARE PERIOD
DURING THE YEAR IN EXCHANGE FOR A TIME-SHARE PERIOD IN ANY FUTURE
YEAR; AND

(V)  THE NUMBER OF EXCHANGES CONFIRMED BY THE
EXCHANGE PROGRAM DURING THE YEAR; AND

(17)  A STATEMENT IN BOLD-FACED TYPE TO THE EFFECT
THAT THE PERCENTAGE DESCRIBED IN PARAGRAPH (16) (III) OF THIS
SUBSECTION IS A SUMMARY OF THE EXCHANGE REQUESTS ENTERED WITH THE
EXCHANGE PROGRAM IN THE PERIOD REPORTED, AND THAT THE PERCENTAGE
DOES NOT INDICATE A PURCHASER'S PROBABILITIES OF BEING CONFIRMED
TO ANY SPECIFIC CHOICE OR RANGE OF CHOICES.

(B) ANY EXCHANGE COMPANY OFFERING AN EXCHANGE PROGRAM TO
PURCHASERS IN THIS STATE SHALL FILE WITH THE COMMISSION ON AN
ANNUAL BASIS THE INFORMATION REQUIRED TO BE INCLUDED IN THE
PUBLIC OFFERING STATEMENT. IF AT ANY TIME THE COMMISSION
DETERMINES THAT ANY OF THE INFORMATION SUPPLIED BY AN EXCHANGE
COMPANY FAILS TO MEET THE REQUIREMENTS OF THIS SECTION, THE
COMMISSION MAY UNDERTAKE ENFORCEMENT ACTION AGAINST THE EXCHANGE
COMPANY IN ACCORDANCE WITH THE PROVISIONS OF THIS TITLE. NO
DEVELOPER SHALL HAVE ANY LIABILITY WITH RESPECT TO ANY VIOLATION
OF THIS SECTION ARISING OUT OF THE PUBLICATION BY THE DEVELOPER
OF WRITTEN INFORMATION PROVIDED BY AN EXCHANGE COMPANY. NO
EXCHANGE COMPANY SHALL HAVE ANY LIABILITY WITH RESPECT TO ANY
VIOLATION OF THIS TITLE ARISING OUT OF THE USE BY A DEVELOPER OF