1. (1) Developer.

   1. (a) Affirmative duties. A developer or an individual designated by the developer shall:

      1. (i) actively supervise project salesperson(s) to ensure compliance with Section 57-19 et seq. and these rules;
      2. (ii) provide the complete property report to each prospective purchaser pursuant to Subsection R162-57a-11(2)(b)(i);

      3. (iii) obtain a signed receipt for property report from a prospective purchaser prior to:

         1. (A) executing a purchase agreement; or
         2. (B) receiving any item of value toward the purchase of an interest; and

      4. (iv)(A) clearly inform a purchaser of the purchaser's right to rescind the agreement if, during the rescission period mandated by Section 57-19-12, the purchaser expresses a desire to terminate a contract or agreement entered into by the purchaser; and

         1. (B) ensure compliance with this Subsection (iv)(A) by:
         2. (I) all subsidiaries of the developer;
         3. (II) all persons affiliated with the developer; and
         4. (III) all persons affiliated with a subsidiary of the developer.

   2. (b) Prohibited conduct. A developer is subject to discipline if the developer or an affiliated person:

      1. (i) makes a misrepresentation or material omission in a document submitted to the division; or
      2. (ii) fails to comply with an order of the division.

2. (2) Salesperson. A salesperson shall comply with:

   1. (a) Section 57-19 et seq.;
   2. (b) these rules; and
   3. (c) this Subsection (1)(a)(ii)-(iv).

KEY: timeshare, camp resort, registration, professional conduct

Date of Last Change: November 5, 2019

Notice of Continuation: December 19, 2024

Authorizing, and Implemented or Interpreted Law: 57-19-3; 57-19-5 through 57-19-26