Neb. Rev. Stat. § 76-1717

(1) Any time-share program registered with the commission in which a public-offering statement has been prepared does not require registration under any other state statute. (2) Any time-share program that fails to restrict the price at which an owner may sell or exchange his or her time-share interval shall not by virtue of such failure cause the time-share interval to become a security under the Securities Act of Nebraska nor shall an exchange agent offering such a time-share interval for exchange be construed to be offering a security under such act.