It shall be a violation of this chapter for any seller of vacation time sharing plans to sell, lease, assign or otherwise transfer the seller's interest in the vacation time sharing plan or the accommodations or facilities to a third party when such a sale, lease, assignment or other transfer substantially affects the rights of other owners of the time share units, unless:

1. (1) The third party agrees in writing to fully honor the rights of purchasers of the vacation time sharing plan to occupy and use the accommodations or facilities.
2. (2) The third party agrees in writing to fully honor rights of purchasers of the vacation time sharing plan to cancel their contracts and receive an appropriate refund as provided in this chapter.
3. (3) The third party agrees in writing to comply with the provisions of this chapter for as long as the third party continues to sell the vacation time sharing plan, or for as long as purchasers of the vacation time sharing plan are entitled to occupy the accommodations or use the facilities, whichever is longer in time.
4. (4) Written notice is given to each purchaser of a vacation time sharing plan affected thereby, and notice shall be sent by certified mail within thirty days of the sale, lease, assignment or other transfer.