(a)

1. (1) Each developer shall maintain complete records of each sale of any time-share interests in the time-share plan.

2. (2) The records shall be maintained for three (3) years and shall contain complete and detailed records of:

   1. (A) All escrow accounts required by statute or otherwise maintained;
   2. (B) Complete records of each sale of any time-share interests, including:

(i) Copies of sales contracts;

1. (ii) Closing statements;

   1. (iii) Credit disclosure information; and

      1. (iv) Executed copies of "Important Notice"; and
   2. (C) Any other information necessary to make a complete record of each transaction effected by the developer.
2. (3) These records shall be open to inspection by the Arkansas Real Estate Commission.

(b)

1. (1) Each principal broker functioning pursuant to the Real Estate License Law, Arkansas Code § 17-42-101 et seq., shall maintain complete records of each transaction conducted by his or her firm.

2. (2) Each firm shall maintain signed copies of:

   1. (A) All offers;
   2. (B) All signed copies of all closing statements;
   3. (C) All detailed records of all escrow accounts required by statute or otherwise maintained; and
   4. (D) Any additional documents as may be necessary to make a complete record of each transaction effected by such firm.

3. (3) All such records shall be maintained for three (3) years and shall be open to inspection by the commission.

   1. (c)

4. (1) Each acquisition agent shall maintain complete records of all:

   1. (A) Advertising and/or promotional materials used;
   2. (B) Names and addresses of all persons who receive prizes, other than the names and addresses of persons who received the prize most frequently awarded;
   3. (C) The retail value of all prizes awarded; and
   4. (D) A statement of the odds of winning each prize.

5. (2) These records shall be maintained for three (3) years following the expiration date of the contest or gift offer and shall be open to inspection by the commission.

   1. (d)
6. (1) Each managing agent shall maintain complete records of all time-share plans managed by his or her firm.
7. (2) Each firm shall maintain complete and detailed records of all maintenance fees collected and the disbursement of these fees for repair and maintenance of the accommodations.

8. (3) These records shall include copies of all:

   1. (A) Contracts;
   2. (B) Agreements;
   3. (C) Receipts and invoices; and
   4. (D) Any additional documents as may be necessary to make a complete record of all financial transactions with regard to the management of each accommodation.
9. (4) Each firm shall also maintain complete records of any rental program operated for the benefit of owners of time-share interests.
10. (5) These records shall be maintained for three (3) years and shall be open to inspection by the commission.