(1) A developer shall amend or supplement its registration to report a material change in the information required by § 18-14-204.
(2) If there is a material change in a registration document, the developer shall file an amendment with the Arkansas Real Estate Commission to report the material change no later than forty-five (45) days after the developer knows or reasonably should have known of the change.
(3) The developer may continue to offer and dispose of time-share interests under the existing registration pending review of the amendments by the commission if the developer discloses the material change to prospective purchasers.
(4) The commission may charge a fee not to exceed three hundred dollars ($300) to process an amendment.