Before a purchaser signs any contract to purchase a time share resale, the person who is reselling the time share shall disclose in conspicuous type in the contract to purchase the time share resale the following information:
(1) The name, address and telephone number of the time share plan and the managing entity of the time share plan;
(2) The period of time or the duration of time during which the purchaser may use the time share interest;
(3) A legal description of the time share interest being acquired;
(4) The earliest date that the purchaser may use the time share interest;
(5) The name, address, telephone number and Internet web site address, if applicable, of the entity from which the governing documents of the association, if any, and the time share instrument may be obtained, together with the following disclosure:
“THERE ARE MANY IMPORTANT DOCUMENTS RELATING TO THE TIME SHARE PLAN WHICH YOU SHOULD REVIEW PRIOR TO PURCHASING A TIME SHARE INTEREST, INCLUDING THE DECLARATION OF CONDOMINIUM OR COVENANTS AND RESTRICTIONS; THE OWNERS' ASSOCIATION ARTICLES AND BYLAWS; THE CURRENT YEAR'S OPERATING AND RESERVE, IF ANY, BUDGETS; AND ANY RULES AND REGULATIONS AFFECTING THE USE OF THE TIME SHARE PLAN ACCOMMODATIONS AND AMENITIES.”;
(6) The amount of the annual assessment for the time share interest for the current fiscal year and a statement indicating whether or not ad valorem real property taxes are included in the annual assessment;
(7) If ad valorem real property taxes are not included in the annual assessment, the amount of ad valorem real property taxes for the most recent tax year for which a bill has been issued;
(8) Whether all assessments against the time share interest are paid in full, and if not, the amount owed, and the consequences of failure to pay any assessment or real property taxes; and
(9) Any other information required to be disclosed pursuant to regulations adopted by the commissioner.
(P.A. 09-156, S. 27.)
History: P.A. 09-156 effective January 1, 2010.
Structure Connecticut General Statutes
Title 42 - Business, Selling, Trading and Collection Practices
Section 42-103cc. - Short title: Time Share Act.
Section 42-103dd. - Definitions.
Section 42-103ff. - Exempt communications.
Section 42-103hh. - Ownership and conveyance of time share interest.
Section 42-103ll. - Advertisements and promotions. Prohibitions. Disclosures.
Section 42-103mm. - Time share disclosure statement. Written acknowledgment of receipt.
Section 42-103nn. - Exchange disclosure statement. Filing with department. Amendments. Fees.
Section 42-103oo. - Duty and liability of developer.
Section 42-103pp. - Cancellation of purchase contract.
Section 42-103qq. - Purchase contract statements.
Section 42-103rr. - Exchange company. Liability exceptions.
Section 42-103tt. - Unfair trade practices. Use rights compliance. Nonmaterial error or omission.
Section 42-103uu. - Insurance.
Section 42-103vv. - Developer prohibitions. Penalty.
Section 42-103yy. - Assessments. Lien on time share interest. Foreclosure.
Section 42-103zz. - Costs of delinquent assessment collection. Notice to purchaser.
Section 42-103aaa. - Books and records.
Section 42-103bbb. - Time share resale broker requirements. Rebuttable presumption. Exclusions.
Section 42-103ccc. - Time share resale disclosure requirements.
Section 42-103ddd. - Time share resale agreement requirements. Exceptions.