Nevada Revised Statutes
Chapter 119A - Time Shares
NRS 119A.540 - Annual budget; assessments for unsold time shares.

1. The association or, if there is no association, the developer shall adopt an annual budget for revenues, expenditures and reserves and collect assessments for the expenses of the time-share plan and the project from the owners. The annual budgets of an association governing a project within this State must be submitted to the Division until such time as the association is controlled by members other than the developer.
2. The association or the developer shall place any money collected for assessments and any other revenues received by or on behalf of the association in an account established by the association.
3. The developer shall pay assessments for any time shares which are unsold or enter into an agreement with the association, in a form approved by the Division, to pay the difference between the actual expenses incurred by the association and the sum of the amounts payable to the association as assessments by owners, other than the developer, and other revenues received by the association. The Division may require the developer to provide a surety bond or other form of security which is satisfactory to the Division, to guarantee payment of the developer’s obligation.
(Added to NRS by 1983, 990; A 1985, 1143; 1987, 1081; 2001, 2510; 2013, 3529)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 119A - Time Shares

NRS 119A.010 - Definitions.

NRS 119A.020 - "Administrator" defined.

NRS 119A.030 - "Affiliate of the developer" defined.

NRS 119A.031 - "Affiliate of the manager" defined.

NRS 119A.032 - "Association" defined.

NRS 119A.033 - "Blanket encumbrance" defined.

NRS 119A.034 - "Board" defined.

NRS 119A.035 - "Branch office" defined.

NRS 119A.036 - "Common area" defined.

NRS 119A.038 - "Component site" defined.

NRS 119A.040 - "Developer" defined.

NRS 119A.041 - "Developer’s reserved rights" defined.

NRS 119A.050 - "Division" defined.

NRS 119A.052 - "Limited common area" defined.

NRS 119A.054 - "Manager" defined.

NRS 119A.055 - "Material change" defined.

NRS 119A.056 - "Owner" defined.

NRS 119A.058 - "Permanent identifying number" defined.

NRS 119A.060 - "Permit" defined.

NRS 119A.070 - "Person" defined.

NRS 119A.080 - "Project" defined.

NRS 119A.090 - "Project broker" defined.

NRS 119A.100 - "Public offering statement" defined.

NRS 119A.110 - "Purchaser" defined.

NRS 119A.120 - "Representative" defined.

NRS 119A.130 - "Sales agent" defined.

NRS 119A.133 - "Sales and marketing entity" defined.

NRS 119A.137 - "Statement of record" defined.

NRS 119A.140 - "Time share" defined.

NRS 119A.150 - "Time-share instrument" defined.

NRS 119A.152 - "Time-share plan" defined.

NRS 119A.153 - "Time-share resale" defined.

NRS 119A.156 - "Time-share resale broker" defined.

NRS 119A.160 - "Unit" defined.

NRS 119A.170 - Applicability of this chapter and chapter 645 of NRS.

NRS 119A.172 - Applicability of provisions relating to real estate brokers and sales agents to certain owners who refer prospective purchasers to developer or association or to employee or agent of developer or association.

NRS 119A.174 - Applicability of local ordinances, regulations and building codes.

NRS 119A.180 - Classification of interest of purchaser.

NRS 119A.190 - Regulations; professional consultants; publication of proposed form before adoption and consideration of comments.

NRS 119A.195 - Authority for Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions.

NRS 119A.200 - Limitation on licensing by local governments.

NRS 119A.205 - Technology Account.

NRS 119A.210 - Sales agents: Qualifications; fees; fingerprinting; exemptions from licensing; expiration and renewal of licenses; continuing education. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state t...

NRS 119A.212 - Sales agents: Application for renewal of license to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

NRS 119A.220 - Sales agents: Association with project broker.

NRS 119A.230 - Sales agents: Disciplinary actions.

NRS 119A.233 - Provisional sales agents: Qualifications; employment with project broker.

NRS 119A.235 - Provisional sales agents: Expiration of licenses; application to work for new project broker; termination of employment; denial of application for license.

NRS 119A.237 - Provisional sales agents: Restrictions; duties of project broker or supervising licensee; commissions.

NRS 119A.240 - Representatives: Qualifications for registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, oc...

NRS 119A.250 - Representatives: Expiration, renewal, reinstatement and transfer of registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and...

NRS 119A.255 - Representatives: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

NRS 119A.260 - Representatives: Prohibited acts; compliance with standards applied to real estate brokers and salespersons.

NRS 119A.263 - Payment of child support: Statement by applicant for sales agent’s license or registration as representative or manager; grounds for denial of license or registration; duty of Administrator. [Effective until the date of the repeal of 4...

NRS 119A.266 - Suspension of sales agent’s license or registration as representative or manager for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of suspended license or registration. [Effective until the da...

NRS 119A.268 - Branch offices.

NRS 119A.270 - Developers: Prohibited acts.

NRS 119A.280 - Developers: Order to cease; hearing; agreement in lieu of order.

NRS 119A.285 - Developers: Inapplicability of certain provisions to offer or disposition of certain time shares.

NRS 119A.290 - Preliminary permits.

NRS 119A.300 - Requirements for issuance of initial permit.

NRS 119A.302 - Abbreviated registration: Requirements; certain developers excluded from using; documents to be provided to purchasers.

NRS 119A.304 - Developer to file amended statement of record if material change to time-share plan; effectiveness; correction of deficiencies; amendment to time-share instrument required to be filed with Division; approval of amendment by Division.

NRS 119A.305 - Terms and conditions of supporting documents: Description in public offering statement; conditions of permit.

NRS 119A.307 - Filing of public offering statement; form; contents; copies of certain documents to be provided to purchaser; waiver of requirements by Administrator.

NRS 119A.310 - Grounds for denial of permit; burden of proof.

NRS 119A.320 - Period for action on application.

NRS 119A.330 - Hearing on denial of application, amendment to statement of record or renewal of permit; expiration of order of denial.

NRS 119A.340 - Issuance of permit before completion of project.

NRS 119A.350 - Investigation of applicants; expenses.

NRS 119A.355 - Renewal of permit.

NRS 119A.357 - Requirement to notify Division in writing of certain convictions.

NRS 119A.358 - Creation and maintenance of website through which licenses, permits or registrations may be renewed; fees.

NRS 119A.360 - Fees.

NRS 119A.365 - Disciplinary action for failure to pay money to Division.

NRS 119A.380 - Requirements for time-share instruments.

NRS 119A.385 - Description of time share.

NRS 119A.390 - Reservation to purchase time share.

NRS 119A.400 - Prospective purchasers to be provided with public offering statement, addendum and permit.

NRS 119A.410 - Right to cancel contract of sale.

NRS 119A.420 - Deposits to be placed in escrow account; surety bond in lieu of escrow account.

NRS 119A.430 - Requirements for closing of sale of time share.

NRS 119A.450 - Provision in contract relieving purchaser of obligation upon foreclosure of lien against project; prohibition against sale or pledge of notes or contracts of sale by defaulting developer.

NRS 119A.460 - Requirements for trusts.

NRS 119A.470 - Conveyance of project to trustee before close of escrow for first sale.

NRS 119A.475 - Action by purchaser or Administrator for misrepresentation or other violation.

NRS 119A.4771 - Registration and licensing of person listing, advertising, transferring, assisting in transferring, soliciting or promoting sale of more than 12 previously sold time shares in 12-month period on behalf of owner other than developer; e...

NRS 119A.4775 - Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations.

NRS 119A.4777 - Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner.

NRS 119A.4779 - Advance fee charged or collected by time-share resale broker; requirements for contract for advance fee listing; duties and prohibited acts; violation constitutes unfair or deceptive act or practice; civil penalty.

NRS 119A.480 - Requirements if developer holds leasehold interest.

NRS 119A.485 - Developer to provide to board copy of approved public offering statement and amendments thereto.

NRS 119A.495 - Withdrawal of units from time-share plan; conditions of withdrawal; exceptions.

NRS 119A.497 - Relocation of boundaries between adjoining units.

NRS 119A.500 - Partition of unit.

NRS 119A.510 - Replacement or compensation if unit unavailable.

NRS 119A.515 - Publication of information concerning owners: Maintenance of records; consent required; exceptions.

NRS 119A.520 - Members of association for time-share plan; incorporation of association; proxies.

NRS 119A.522 - Period of developer’s control of association; representation of owners on board.

NRS 119A.524 - Reserved rights of developer.

NRS 119A.525 - Relocation of certain time shares by developer; conditions of relocation; recordation.

NRS 119A.526 - Quorum.

NRS 119A.528 - Removal of member of board; indemnification and defense of member of board.

NRS 119A.529 - Solicitation of votes and proxies by owner; requirements for mailing by managers and boards.

NRS 119A.530 - Written agreement for management of time-share plan and project; disclosure of certain fees, compensation or other property by manager.

NRS 119A.532 - Registration of managers; form for registration; fee. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional...

NRS 119A.533 - Renewal of registration of managers: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

NRS 119A.534 - Disclosure statement to be submitted by certain managers; regulations.

NRS 119A.540 - Annual budget; assessments for unsold time shares.

NRS 119A.542 - Conduct and contents of study of reserves; review of study and necessary adjustments to reserves; regulations.

NRS 119A.550 - Assessment upon time share; notice of assessment; liens; enforcement of liens.

NRS 119A.552 - Statement of unpaid assessments.

NRS 119A.560 - Power of sale; notice of sale.

NRS 119A.570 - Insurance.

NRS 119A.580 - Consent required for liens for labor, services or materials; when consent deemed given.

NRS 119A.590 - Information to be furnished to purchasers by developer.

NRS 119A.600 - Information to be furnished by company offering program.

NRS 119A.620 - Information to be furnished to Division and secretary of association; liability for information and representations.

NRS 119A.630 - Administrator to appoint hearing officer.

NRS 119A.640 - Powers of Administrator or hearing officer.

NRS 119A.650 - District court to enforce Administrator’s subpoenas.

NRS 119A.652 - Inspections by Division; penalty for failure to cooperate; regulations.

NRS 119A.653 - Confidentiality of records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records.

NRS 119A.654 - Disciplinary action against developer.

NRS 119A.655 - Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Complaint; hearing; notice.

NRS 119A.656 - Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Answer; limitation on proceeding.

NRS 119A.657 - Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Decision of hearing officer.

NRS 119A.658 - Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Appeal of decision of hearing officer.

NRS 119A.659 - Expiration, revocation or surrender of license or permit does not prohibit disciplinary action against holder thereof.

NRS 119A.660 - Enforcement of chapter and protection of purchasers by Administrator.

NRS 119A.665 - Appointment of receiver.

NRS 119A.670 - Action by Real Estate Commission against project broker or supervising licensee.

NRS 119A.675 - Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization; procedure for imposition of fine; judicial review; exceptions.

NRS 119A.677 - Application or registration must not be denied based solely on immigration or citizenship status; use of alternative personally identifying number; disclosure of social security number or personally identifying number prohibited; confi...

NRS 119A.680 - Acting as project broker, supervising licensee, sales agent, representative, manager or time-share resale broker without license or registration.

NRS 119A.690 - Falsifying application; failure to submit annual report.

NRS 119A.700 - False or misleading advertising.

NRS 119A.702 - Restrictions on promotional material; completion of improvements portrayed in promotional material.

NRS 119A.710 - Unfair methods of competition; deceptive or unfair acts.

NRS 119A.720 - Participation in plan or scheme to transfer time share to person without ability to pay assessments and taxes constitutes false, misleading or deceptive act or practice; rebuttable presumption of violation; exception for certain acts b...