HARRY HUGHES, Governor

2997

TIME-SHARE, OR THAT ANY PERSON HAS OTHERWISE VIOLATED ANY
PROVISION OF THIS TITLE OR THE COMMISSION'S REGULATIONS OR
ORDERS, THE COMMISSION MAY ISSUE AN ORDER TO CEASE AND DESIST
FROM THAT CONDUCT, TO COMPLY WITH THE PROVISIONS OF THIS TITLE
AND THE COMMISSION'S REGULATIONS AND ORDERS, OR TO TAKE
AFFIRMATIVE ACTION TO CORRECT CONDITIONS RESULTING FROM THAT
CONDUCT OR FAILURE TO COMPLY.

(F) (1) THE COMMISSION MAY INITIATE INVESTIGATIONS TO
DETERMINE WHETHER ANY REPRESENTATION IN ANY DOCUMENT OR
INFORMATION FILED WITH THE COMMISSION IS FALSE OR MISLEADING OR
WHETHER ANY PERSON HAS ENGAGED, IS ENGAGING, OR IS ABOUT TO
ENGAGE IN ANY UNLAWFUL ACT OR PRACTICE.

(2) IN THE COURSE OF ANY INVESTIGATION OR HEARING,
THE COMMISSION MAY SUBPOENA WITNESSES AND DOCUMENTS, ADMINISTER
OATHS AND AFFIRMATIONS, AND ADDUCE EVIDENCE. IF A PERSON FAILS
TO COMPLY WITH A SUBPOENA OR TO ANSWER QUESTIONS PROPOUNDED
DURING THE INVESTIGATION OR HEARING, THE COMMISSION MAY APPLY TO
AN APPROPRIATE COURT TO SECURE COMPLIANCE.

11A-123.

PERSONS ENGAGED IN THE FOLLOWING TRANSACTIONS INVOLVING
TIME-SHARES ARE NOT REQUIRED TO REGISTER WITH THE COMMISSION, TO
PREPARE A PUBLIC OFFERING STATEMENT, OR TO DELIVER DOCUMENTS
DESCRIBED IN § 11A-115:

(1)  A GRATUITOUS DISPOSITION;

(2)  A DISPOSITION PURSUANT TO COURT ORDER;

(3)  A DISPOSITION BY A GOVERNMENT OR GOVERNMENTAL
AGENCY;

(4)  A DISPOSITION BY FORECLOSURE OR DEED IN LIEU OF
FORECLOSURE OR BY ENFORCEMENT OF A LIEN OR SECURITY INTEREST;

(5)  A DISPOSITION THAT MAY BE CANCELED AT ANY TIME
AND FOR ANY REASON BY THE PURCHASER WITHOUT PENALTY;

(6)  A DISPOSITION OF A TIME-SHARE IN A UNIT SITUATED
WHOLLY OUTSIDE THIS STATE PURSUANT TO A CONTRACT EXECUTED WHOLLY
OUTSIDE THIS STATE; OR

(7)  A DISPOSITION OF A TIME-SHARE PROJECT OR ALL
TIME-SHARES THEREIN TO 1 PURCHASER.

11A-124.

(A) IT IS UNLAWFUL FOR ANY DEVELOPER TO SELL OR OFFER TO
SELL A TIME-SHARE IN THIS STATE UNLESS THE DEVELOPER HAS
DESIGNATED A PERSON AS THE PROJECT BROKER FOR THE TIME-SHARE
PROJECT. THE TIME-SHARE PROJECT SHALL BE CONSIDERED A SEPARATE
REAL ESTATE OFFICE FOR PURPOSES OF THE REAL ESTATE LICENSING LAWS
OF THIS STATE.