1. (a) This Article applies to all time shares subject to this chapter except as provided in subsection (b).

2. (b) Neither a public offering statement nor the materials required by § 34-41-4.07 (Resale of Time Shares) need be prepared or delivered in the case of:

   1. (1) A gratuitous disposition of a time share;
   2. (2) A disposition pursuant to court order;
   3. (3) A disposition by a government or governmental agency;
   4. (4) A disposition by foreclosure or deed in lieu of foreclosure;
   5. (5) A disposition that may be canceled at any time and for any reason by the purchaser without penalty;
   6. (6) A disposition of a time share in a unit situated wholly outside this state pursuant to a contract executed wholly outside this state, if there has been no offering within this state;
   7. (7) An offering by a developer of time shares in no more than one time-share unit at any one time; or
   8. (8) A disposition of a time-share property or all time shares therein to one purchaser.

History of Section.
P.L. 1984, ch. 141, § 2.