It is a violation of this chapter for any seller of vacation time sharing plans to:

1. (1) sell, lease, encumber, or convey in any manner or to solicit or advertise such transactions unless the seller has been duly licensed under the provisions of Section 27-32-180 or Chapter 57 of Title 40 hereunder and unless the vacation time sharing plan and the units of it affected have first been registered with the commission. Provided, however, that the registration requirement of this chapter shall not apply to nor restrict the listing and resale of any vacation time sharing plan when:

   1. (a) the vacation time sharing plan resold is within an existing time sharing facility currently registered with the commission pursuant to the requirements of this chapter;
   2. (b) the vacation time sharing plan resold is subject to the identical rules, regulations, conditions, or limitations on the use of the accommodations or facilities which affect all other vacation time sharing plans within that time sharing facility.

2. (2) Fail to make available upon request to the commission the following materials and any amendments or changes in it made while sales continue:

   1. (a) a copy of the contract by which the rights and obligations of the parties are established.
   2. (b) copies of promotional brochures, pamphlets, advertisements, or other material disseminated to the public in connection with the sale of the vacation time sharing plan and verbatim scripts of all radio and television advertising in connection with it.
   3. (c) a statement of the type and business entity through which the business of selling vacation time sharing plans is carried out, including a list of the names and addresses of all directors, principal officers, dealers, distributors, and sales personnel soliciting in or from the State of South Carolina, and the name and address of the business agent for service of process within the State.
   4. (d) copies of all contracts between the business entity offering the vacation time sharing plan for sale to the public and each business providing accommodations and facilities to purchasers of the plan.
   5. (e) copies of all rules, regulations, conditions, or limitations on use of the accommodations or facilities available pursuant to the vacation time sharing plan.
   6. (f) a statement as to the existence of all liens on the accommodation or facilities which could affect the rights of the purchaser or his assignee, together with the location, date, and filing book and page number where such liens are recorded.
   7. (g) a synopsis of any sales presentation made by the seller to the purchaser over the telephone or other electronic device.

   8. (h) a projected budget of all reoccurring expenses which may become the responsibility of all time sharing purchasers.

      Upon receipt of all items required by this section, the commission shall determine the sufficiency of it and upon satisfactory compliance with this chapter, shall issue its order approving their use. The vacation time sharing plan shall then be deemed registered.