Arkansas Code
Subchapter 1 - General Provisions
§ 18-14-102. Definitions

As used in this chapter:
(1) “Accommodation” means an apartment, condominium or cooperative unit, cabin, lodge, hotel or motel room, or other private or commercial structure that:
(A) Is affixed to real property;
(B) Is designed for occupancy or use by one (1) or more individuals; and
(C) Is part of a time-share plan;

(2) “Acquisition agent” means a person that by telephone, inducement, solicitation, or otherwise in the ordinary course of business directly tries to encourage a person in this state to attend a sales presentation for a time-share plan;
(3) “Amenities” means a recreational facility made available to purchasers in a time-share plan;
(4) “Association” means a council or an association composed of the owners of time-share interests in a time-share plan;
(5)
(A) “Broker” means a person that sells or offers to sell in the ordinary course of business, time-share interests in a time-share plan to a purchaser.
(B) A broker and a sales agent conducting business from a location in this state, whether on a temporary or ongoing basis, are subject to the Real Estate Law, § 17-42-101 et seq.
(C) A violation that results from a time-share activity is not subject to the Real Estate Law, § 17-42-401 et seq.;

(6)
(A) “Component site” means a specific geographic location where accommodations that are part of a multisite time-share plan are located.
(B) Separate phases of a single time-share property in a specific geographic location under common management are considered a single component site;

(7)
(A) “Developer” means:
(i) A person who establishes a time-share plan, or is in the business of selling time-share interests or that uses a broker to sell time-share interests; or
(ii) A person that succeeds in the developer's interest by sale, lease, assignment, mortgage, or other transfer, if the person:
(a) Offers at least twelve (12) time-share interests in a particular time-share plan; and
(b) Is in the business of selling time-share interests or uses a broker to sell time-share interests.


(B) “Developer” does not include a broker who is in the business of selling time-share interests;

(8) “Exchange agent” means a person that owns or operates an exchange program;
(9) “Exchange program” means a method, arrangement, or procedure for the voluntary exchange of time-share interests among time-share owners;
(10) “Managing agent” means a person responsible for operating and maintaining a time-share property or time-share plan on behalf of the association;
(11)
(A) “Offering” means an offer to sell, a solicitation, an inducement, or an advertisement made in this state, whether directly or indirectly or by radio, television, newspaper, magazine, mail, or electronic media, in which a person is given an opportunity or encouraged to acquire a time-share interest.
(B) “Offering” does not include a time-share owner that may refer a person to a developer if the time-share owner's activities are limited to the referral of a prospective purchaser to the developer, the time-share owner receives nominal consideration, and does not refer more than twenty (20) prospective purchasers to the developer annually;

(12) “Person” means one (1) or more natural persons, corporations, partnerships, associations, trusts, other entities, or any combination thereof;
(13) “Project instrument” means a time-share instrument or other applicable document that establishes a time-share plan that contains restrictions or covenants to regulate the use, occupancy, or disposition of a time-share plan, including a declaration, rule, or an amendment thereto, of a condominium, and the articles of incorporation, bylaws, rules of an association, or an amendment thereto;
(14) “Public offering statement” means the statement under § 18-14-404;
(15) “Purchaser” means a person other than a developer or lender who acquires an interest in a time-share plan;
(16)
(A) “Reservation system” means the method, arrangement, or procedure where a purchaser is required to compete with other purchasers to reserve an accommodation of a multisite time-share plan for one (1) or more time-share periods regardless of whether the reservation system is operated and maintained by the multisite time-share plan, a managing entity, an exchange company, or other person.
(B) If a purchaser is required to use an exchange program as the principal means of reserving an accommodation and facility of the plan, the arrangement is a reservation system.
(C) If the exchange company uses a mechanism to exchange time-share periods among members of the exchange program, the use of the mechanism is not a reservation system in a multistate time-share plan;

(17)
(A) “Time-share estate” means an arrangement by which the purchaser receives a right to occupy a time-share property, together with a real estate interest in the time-share property.
(B) “Time-share estate” includes real property interests held in a trust in which the owners or the owners' association of the time-share plan are the express beneficiaries of that trust and the trustee is independent of the developer.
(C) If the real property interests are held in a trust, the conveyance of the real property to the trust shall be free of financial liens and encumbrances or include a recorded nondisturbance agreement;

(18) “Time-share instrument” means a master deed, master lease, declaration, or other instrument used to establish a time-share plan;
(19) “Time-share interest” means a time-share estate or a time-share use;
(20)
(A) “Time-share plan” means an arrangement, plan, scheme, or similar method, excluding an exchange program but including a membership agreement, sale, lease, deed, license, or right-to-use agreement, in which a purchaser, in exchange for consideration, receives an ownership right in or the right to use the accommodations for a period of time less than a year during a given year, but not necessarily consecutive years, regardless of whether the period of time is determined in advance.
(B) A time-share plan may be either a:
(i) “Single site time-share plan” which is the right to use an accommodation at a single time-share property; or
(ii) “Multisite time-share plan” which includes:
(a) A “specific time-share interest” which is the right to use an accommodation at a specific time-share property, together with the use rights in accommodations at one (1) or more other component sites established by or acquired through the reservation system of the time-share plan; or
(b) A “nonspecific time-share interest” which is the right to use accommodations at more than one (1) component site established by or acquired through the reservation system of the time-share plan but does not include the specific right to use any particular accommodations;



(21) “Time-share property” means:
(A) One (1) or more accommodations and related amenities that are subject to a time-share instrument; and
(B) Any other property or property rights appurtenant to the accommodations and amenities; and

(22) “Time-share use” means any arrangement under which the purchaser receives a right to occupy a time-share property but does not receive a time-share estate.