(a) The developer of a time share plan any part of which is located in this state shall properly record the time share instrument in the land records of all towns where an accommodation is located. When a person expressly declares an intent to subject the property to a time share plan through the recordation of a time share instrument that sets forth the information provided in subsections (b) and (c) of this section, that property shall be established thenceforth as a time share plan.
(b) The declaration made in a time share instrument recorded under this section shall include:
(1) A legal description of the time share property, including a ground plan indicating the location of each existing or proposed building included in the time share plan;
(2) A description of each existing or proposed accommodation, including the location and square footage of each unit and an interior floor plan of each existing or proposed building;
(3) A description of any amenities furnished or to be furnished to the purchaser;
(4) A statement of the fractional or percentage part that each time share interest bears to the entire time share plan;
(5) A statement that the time share property is part of a multisite time share plan, if applicable; and
(6) Any additional information consistent with this section.
(c) Any sales agent who offers a time share interest created under this section shall be licensed as a real estate broker or real estate salesperson as set forth in section 20-312, unless exempt from licensure under chapter 392. The following need not be licensed pursuant to section 20-312: (1) An exchange company that is exchanging time share periods, or (2) a person who only distributes literature pertaining to a time share or advertises a time share, provided a sales agent or a real estate broker or real estate salesperson licensed under section 20-312 transacts the sale of such time share interest.
(P.A. 09-156, S. 5.)
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.