(1) An application for registration of a time-share program shall be executed and submitted on the form prescribed by the Commission or through an online submission. In addition to the information required by T.C.A. § 66-32-123(a), the application shall include:
- (a) Copies of the forms of sales contract, deed, and all other written materials to be used in the normal course of the sale of time-share intervals.
- (b) Evidence of compliance with the zoning laws of the local government in which the timeshare project is located.
- (c) The name and address of the sales agent to be employed by the developer for the sale of time-share intervals.
(2) The developer of a time-share project not substantially completed shall also include with the application for registration:
- (a) An estimate, certified by the developer and accompanied by the information or documentation upon which it is based, of the cost to complete the time-share project (as represented in the public offering statement).
- (b) Sufficient evidence of financial capacity to cover such cost (e.g., financial statement; construction loan documents; etc.).
- (c) A copy of any contract(s) executed for the construction of the project.
- (d) A copy of the agreement under which escrow funds are held in accordance with T.C.A. § 66-32-113; or, if alternate financial assurances are obtained as provided in that Section, copies of documents relating to such assurances.
- (e) Such other materials that the Commission may require to determine that the time-share project will be substantially completed.
- (3) The developer of a time-share project which is subject to an underlying blanket lien or encumbrance shall also include with the application for registration copies of non-disturbance agreements, subordination agreements, lien releases, bonds, or other financial arrangements designed to protect non-defaulting purchasers in accordance with T.C.A. § 66-32-128.
Authority: T.C.A. §§ 66-32-121 and 66-32-123. Administrative History: Original rule filed April 17, 1985; effective May 17, 1985. Amendments filed October 18, 2016; effective January 16, 2017.