Thequalifying broker and the developer of a registered timesharing plan shall be mutuallyresponsible for the carrying out of the following functions:
- (a) The deposit and accounting of all monies coming into their possession or that of anyagent of either of them, where such monies are received regarding the lease, sale,transfer, occupancy or development of the timesharing plan or facility;
- (b) The deposit into an appropriate escrow account of all monies required under Alabamalaw to be so deposited; and
- (c) The refund of purchase money or other money to any and all persons entitled to suchrefund within the time period designated by Alabama law. If no time period is designatedby law, then any such refund will be made within ten (10) days after the date on whichthe qualifying broker or developer receives notice that such refund is entitled.
- (d) Further, the qualifying broker for any branch office of the timesharing plan shallalso be responsible for the above listed functions regarding the activities of hisrespective branch office.
Author: Edward M. George
Statutory Authority: Code of Ala. 1975, §§ 34-27-53, 34-27-54, 34-27-55, 34-27-58, 34-27-62.
History: Filed July 24, 1984.