HARRY HUGHES, Governor                                      3349

(xii) The terms and significant limitations of
any warranties provided by the developer, including statutory
warranties and limitations on enforcement of damages;

(xiii) A statement that:

1.  Subject to the provisions of §
11A-114(a)(3), within 10 days after receipt of a public offering
statement or signing a contract or the time-share unit meets all
building requirements and is ready for occupancy, whichever is
latest, a purchaser may cancel the contract for purchase of the
time-share from the developer; and

2.  If a developer fails to provide a
public offering statement to the time-share purchaser before
transferring the time-share and the purchaser elects to cancel
the contract, the purchaser is entitled to recover from the
developer 110 percent of the sales price of the time-share
actually paid by the purchaser;

(xiv) A description of any unsatisfied
judgments against the developer or the managing entity, the
status of any pending suits involving the sale or management of
real estate to which the developer or an affiliate of the
developer or the managing entity is a defending party, and the
status of any pending suits, of which the developer has actual
knowledge, of significance to the time-share project;

(xv) A statement that a bond or letter of
credit is required under § 11A-116, and that any deposit made in
connection with the purchase of a time-share will be held in an
escrow account or a trust account until expiration of the
rescission period or any later time specified in the contract,
and will be returned to the purchaser if the purchaser cancels
the contract;

(xvi) Any restraints on transfer of time-shares
or portions thereof;

(xvii) A description of the insurance coverage
provided for the benefit of time-share owners;

(xviii) Any facility fees;

(xix) The extent to which financial
arrangements have been provided for completion of all promised
improvements;

(xx) The extent to which a time-share unit may
become subject to a tax or other lien arising out of claims
against other time-share owners of the same time-share unit or
the developer, managing entity, or association; and

(xxi) A description of the rights and remedies
provided in the time-share instrument for a time-share owner who