(a) If a purchaser may participate in any exchange program, the developer, agent of a developer or person in the business of selling real estate for his own account shall, except as provided in subsection (b), deliver to the purchaser at the time of delivery of the public offering statement required by section thirty-seven, written information regarding said exchange program and the purchaser shall certify in writing to the receipt thereof. Said information shall include the following:

1. (1) the name and address of the exchange company;
2. (2) the names of all officers, directors, and shareholders owning five per cent or more of the outstanding stock of the exchange company;
3. (3) a statement indicating whether the exchange company or any of its officers or directors has any legal or beneficial interest in any developer or managing entity for any time-share plan participating in the exchange program and, if so, the name and location of the time-share property and the nature of the interest;
4. (4) unless the exchange company is also the developer or an affiliate of a developer, a statement that the purchaser's contract with the exchange company is a contract separate and distinct from the contract of sale;
5. (5) a statement indicating whether the purchaser's participation in the exchange program is dependent upon the continued affiliation of the time-share plan with the exchange program and the readmission fees, dues and other charges which shall be required to be paid by the purchaser if he initially becomes a member of the exchange program, allows the membership to lapse and then seeks reinstatement or readmission;
6. (6) a statement indicating whether the purchaser's membership or participation in the exchange program is voluntary or mandatory;
7. (7) a complete and accurate description of the terms and conditions of the purchaser's contractual relationship with the exchange company and the procedure by which changes thereto may be made;
8. (8) a complete and accurate description of the procedure to qualify for and effectuate exchanges;
9. (9) a complete and accurate description in boldface type of all restrictions, limitations or priorities employed in the operation of the exchange program and the manner of application thereof, including, without limitation, any restrictions, limitations or priorities based on seasonality, unit size, or levels of occupancy;
10. (10) a statement indicating whether exchanges are arranged on a space-available basis and whether any guarantees of specific requests for exchanges are made by the exchange program, and if so, the nature thereof;
11. (11) a complete and accurate description of the circumstances, if any, in which a time-share owner may lose the use and occupancy of his time-share in any properly applied for exchange without being provided with substitute accommodations by the exchange company;
12. (12) the fees for participation by time-share owners in the exchange program, a statement whether any such fees may be altered by the exchange company, and the circumstances under which alterations may be made;
13. (13) the name and location of each time-share property, accommodation or facility participating in the exchange program;
14. (14) the number of units in each property which qualify for participation in the exchange program and which are available for occupancy expressed within the following numerical groupings: 1–5; 6–10; 11–20; 21–50; and 51 and over;
15. (15) with respect to each time-share plan or other property the number of owners who are eligible to participate in the exchange program expressed within the following numerical groupings: 1–100; 101–249; 250–499; 500–999; and 1,000 and over; and the criteria used to determine current eligibility to participate in the exchange program;
16. (16) the disposition made by the exchange company of time-shares deposited by eligible owners with the exchange program and not used by the exchange company in effecting exchanges;
17. (17) a statement indicating the following information, which, except as provided in subsection (b), shall be independently audited by a certified public accountant or accounting firm and reported for each year no later than July first, of the succeeding year: