In the developer’s financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale, or other lien or encumbrance which is not subordinated to the time-share program and shall make the same available upon reasonable request to owners of time-share intervals in the time-share program and the time-share program’s association. The time-share program’s association, in its discretion, may require the developer to submit periodic, written reports from the mortgagee, lienholder, or other creditor of the status of payments made on any underlying blanket mortgage, deed of trust, contract of sale, or other lien or encumbrance which is not subordinated in the time-share program. Any transfer of the developer’s interest in the time-share program to any third person shall be subject to the obligations of the developer.
History. Code 1981, § 44-3-189 , enacted by Ga. L. 1983, p. 1255, § 1; Code 1981, § 44-3-188 , as redesignated by Ga. L. 1995, p. 1260, § 1.
Editor’s notes.
Ga. L. 1995, p. 1260, § 1, renumbered former Code Section 44-3-188 as present Code Section 44-3-187.