Ala. Admin. Code r. 790-X-4-.01

Current through Register Vol. 43, No. 1, October 31, 2024

Section 790-X-4-.01 - Registration Of A Timesharing Plan

(1) Each timesharing plan offered for sale in Alabama shall be registered separately. If a given timesharing project or development shall offer more than one plan, then each plan shall be required to meet all the conditions of registration and a registration fee shall be paid for each timesharing plan registered.

(2) The registration fee for a timesharing plan registration shall be paid by certified or cashier's check or money order.

(3) The Executive Director of the Alabama Real Estate Commission shall have the authority to issue orders registering or rejecting the registration of timesharing plans. Further, the Executive Director shall have the authority to impose such reasonable conditions upon the timesharing plan within the registration order as will serve to carry out the purposes of Act 83-670 of the Alabama Legislature and of the Rules and Regulations of the Alabama Real Estate Commission.

(4) The Commission shall have the authority to withdraw the registration of a timesharing plan should it be proven to the satisfaction of the Commission that the registrant submitted false or erroneous information as part of its registration documentation or that the registrant did not fulfill reasonable conditions imposed upon it through its registration order. In the event the Commission has probable cause to believe that the registrant submitted such false or erroneous information or has failed to carry out the conditions of a registration order, the Commission shall issue a formal complaint on the matter and conduct a hearing on the matter.

Author:

Ala. Admin. Code r. 790-X-4-.01

Filed November 21, 1983.

Statutory Authority:Code of Ala. 1975, §§ 34-27-50, etseq.