1. The Administrator shall issue a preliminary permit to sell time shares to each applicant who:
(a) Submits proof satisfactory to the Administrator that all of the requirements for a permit to sell time shares will be met;
(b) Applies for the preliminary permit in the manner provided by the Division; and
(c) Pays the fee provided for in this chapter.
2. A preliminary permit entitles the developer to solicit and accept reservations to purchase time shares.