Section Jus 1307.04 - Additional Disclosure Requirements for Time Sharing and Conversion Subdivisions(a) When a subdivider is engaged in the offer and disposition of time sharing interests in a subdivision, the following information shall also be included in the public offering statement: (1) A paragraph setting forth: a. The name and address of any exchange program(s) with which the time sharing subdivision is affiliated;b. The term of the present contract between the subdivider and the exchange program;c. The annual fee for services; andd. A statement that the exchange program is an independent entity which is not required to register with the department of justice or to remain affiliated with the subdivider beyond the contract term;(2) A paragraph stating that the subdivider makes no representations as to the feasibility of future resale of time sharing interests purchased, and giving notice whether or not the subdivider will assist purchasers in the resale of time sharing interests;(3) A projected budget including:a. A statement describing any reserve fund established to maintain the real property and to replace, repair or refurbish the personal property in each lot, parcel, unit, or interest; orb. If no such fund has been established, a statement to that effect; and(4) If the time sharing interest offered is not a fee simple interest, a paragraph detailing: a. The nature of the ownership structure of the subdivision;b. The nature and extent of any blanket encumbrances on the property; andc. The steps taken, such as execution of non-disturbance agreements, to protect purchasers in the event of any foreclosure on the property, receivership proceeding, or bankruptcy proceeding against the subdivider.N.H. Admin. Code § Jus 1307.04
(See Revision Note at chapter heading for Jus 1300) #9782-A, eff 9-11-10
Amended by Volume XXXIX Number 46, Filed November 14, 2019, Proposed by # 12656, Effective 10/24/2019, Expires 10/24/2029.