1. (a) A time share resale broker who acts on behalf of a time share owner other than a developer or its affiliate, shall, prior to offering in this state:

   1. (1) Be licensed as a real estate broker pursuant to the provisions of section 20-311; and
   2. (2) Comply with the provisions of sections 42-103ccc and 42-103ddd and submit copies to the department of the contract and disclosures required by section 42-103ddd.
2. (b) For purposes of this section, a rebuttable presumption shall exist that a person who has acquired twelve or more time share interests and offers them for resale in any twelve-month period did not acquire them for the personal use and occupancy of such person.

3. (c) Unless the method for resale of time shares is for the purpose of evading the provisions of sections 42-103cc to 42-103ddd, inclusive, a person shall not be deemed to be a time share resale broker if such person:

   1. (1) Is a licensed real estate salesperson in this state who resells or offers to resell time share interests in a time share plan as an agent for a developer who is registered under sections 42-103cc to 42-103aaa, inclusive, provided such salesperson (A) delivers all disclosures required of a developer under sections 42-103cc to 42-103aaa, inclusive, or (B) complies with the provisions of section 42-103ccc;
   2. (2) Is a developer who is registered under sections 42-103cc to 42-103aaa, inclusive, or is an affiliate of the developer that is also the managing entity, provided such developer or affiliated managing entity (A) delivers all disclosures required of a developer under sections 42-103cc to 42-103aaa, inclusive, or (B) complies with the provisions of section 42-103ccc;
   3. (3) Is an association that is not otherwise a developer, that sells or engages a third party to sell on its behalf, fifty or fewer time share interests in the time share plan that it governs in a given calendar year to persons who are not existing purchasers of that time share plan and such association is in compliance with section 42-103ccc; or
   4. (4) Is an exchange company that has filed pursuant to subsection (e) of section 42-103nn.

4. (d) A time share resale broker who offers to resell a time share interest shall:

   1. (1) Provide a fully executed copy of the written agreement described in subsection (a) of section 42-103ddd to the time share owner on the date the owner signs the agreement; and
   2. (2) Make the disclosures required pursuant to subsection (a) of section 42-103ddd before accepting anything of value from the time share owner.

(P.A. 09-156, S. 26.)

History: P.A. 09-156 effective January 1, 2010.