(1) In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payments made to any person or entity which is the owner of an underlying blanket mortgage, deed of trust, contract of sale or other lien or encumbrance (lienhold).
(2) Any transfer of the developer's interest in the time-share program to any third person shall be subject to the obligations of the developer.