HARRY HUGHES, Governor

3345

(u) "Time-share expenses" means common expenses and
occupancy expenses, but does not include facility fees.

(v) "Time-share instrument" means a document that describes
the time-share as provided in §§ 11A-103 and 11A-107.

(w) "Time-share license" means a right to use or occupy 1
or more units or any of several units during 5 or more separated
time periods over a period of at least 5 years, including renewal
options, in a time-share project.

(x) "Time-share plan" means any arrangement other than an
exchange program, whether by membership, agreement, tenancy in
common, sale, lease, license, or right to use agreement or by any
other means, whereby a time-share purchaser, in exchange for a
consideration, receives a time-share, and attendant rights and
obligations.

(y) "Time-share project" means that portion of the project
set aside for the use and enjoyment by time-share purchasers as
described in the time-share plan or time-share instrument, and as
acquired by the time-share purchaser in the execution of a sales
contract.

(z) "Time-share unit" means a unit subject to a time-share
plan.

(AA) "UNDIVIDED INTEREST" MEANS OWNERSHIP OF AN INTEREST IN
A PROJECT IN COMMON WITH NOT LESS FEWER THAN 25 OTHER PURCHASERS
OR PROSPECTIVE PURCHASERS, THAT ENTITLES EACH OWNER TO USE OR
OCCUPY 1 OR MORE UNITS OR ANY OF SEVERAL UNITS DURING 5 OR MORE
SEPARATED TIME PERIODS OVER PERIOD OF AT LEAST 5 YEARS,
INCLUDING RENEWAL OPTIONS, WHETHER OR NOT THE EXERCISE OF THE
RIGHT TO USE OR OCCUPY DEPENDS UPON THE AVAILABILITY OF ANY UNIT
OR UNITS.

[(aa)] (BB) "Unit" means real property, or a portion
thereof, designated for separate use.

11A-112.

(a)  Any developer or [other person in the business of
selling real estate who offers a time-share for his own account
to a purchaser] THE DEVELOPER'S DESIGNATED PROJECT BROKER, shall
deliver a public offering statement to the purchaser before
transfer of the time-share and no later than the date of the
contract.

(b)  (1) A public offering statement together with a fee of
$100, must be filed with, and approved by, the Secretary of State
prior to being delivered to any time-share purchaser. The
Secretary of State shall determine whether the public offering
statement satisfies the requirements of this title, and shall
either approve or reject within 45 days of receipt. After