§ 34-41-4.04. Public offering statement — Conversion building.
(a) If a conversion building that includes or is to include one or more time-share units is more than ten (10) years old and the developer or any affiliates of the developer own or control more than fifty percent (50%) of all units in the project, the public offering statement must contain, in addition to the information required by § 34-41-4.03:
(1) A statement by the developer, based on a report prepared by an independent registered architect or engineer, describing the present condition of all structural components and mechanical and electrical installations material to the use and enjoyment of the time-share units;
(2) A statement by the developer of the expected useful life of each item reported on in subdivision (a)(1) or a statement that no representations are made in that regard; and
(3) A list of any outstanding notices of uncured violations of building code or other municipal regulations, together with the estimated cost of curing those violations.
(b) This section applies only to units in which use as a dwelling or for recreational purposes, or both, is permissible.
History of Section.P.L. 1984, ch. 141, § 2.
Structure Rhode Island General Laws
Chapter 34-41 - Rhode Island Real Estate Time-Share Act
Article IV - Protection of Purchasers
Section 34-41-4.01. - Applicability — Exemptions.
Section 34-41-4.02. - Liability for public offering statement requirements.
Section 34-41-4.03. - Public offering statement — General provisions.
Section 34-41-4.04. - Public offering statement — Conversion building.
Section 34-41-4.05. - Public offering statement — Time-share securities.
Section 34-41-4.06. - Purchaser’s right to cancel.
Section 34-41-4.07. - Resales of time shares.
Section 34-41-4.08. - Deposits.
Section 34-41-4.10. - Conversion building.
Section 34-41-4.11. - Express warranties of quality.
Section 34-41-4.12. - Implied warranties of quality.
Section 34-41-4.13. - Exclusion or modification of implied warranties of quality.
Section 34-41-4.14. - Statute of limitation for warranties.
Section 34-41-4.15. - Effect of violations on rights of action.
Section 34-41-4.16. - Labeling of promotional material.