Time Share Act
Connecticut · 42 · §§ 42-103aaa to 42-103zz · 29 sections
Overview
The act governs the creation, sale, and administration of time-share plans, covering both time-share estates and time-share uses in real property. It requires developers to register their plans with the state real estate commission and to provide purchasers a public offering statement, and it prescribes the contents of the instruments that establish a plan, the arrangements for its management and operation, and the extent of the developer's control period. It also protects purchasers through cancellation rights, escrow and completion assurances, lien protections, and limits on advertising and unfair practices, backed by regulatory supervision, recordkeeping and examination requirements, civil remedies, and penalties.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Conn. Gen. Stat. § 42-103aaaBooks and records
- Conn. Gen. Stat. § 42-103bbbTime share resale broker requirements. Rebuttable presumption. Exclusions
- Conn. Gen. Stat. § 42-103ccShort title: Time Share Act
- Conn. Gen. Stat. § 42-103cccTime share resale disclosure requirements
- Conn. Gen. Stat. § 42-103ddDefinitions
- Conn. Gen. Stat. § 42-103dddTime share resale agreement requirements. Exceptions
- Conn. Gen. Stat. § 42-103eeApplication of Time Share Act and exemptions. Use of “vacation ownership” in advertisement and disclosures
- Conn. Gen. Stat. § 42-103ffExempt communications
- Conn. Gen. Stat. § 42-103ggRecordation of time share instrument. Declaration. Licensure of sales agents. Exceptions
- Conn. Gen. Stat. § 42-103hhOwnership and conveyance of time share interest
- Conn. Gen. Stat. § 42-103iiRegistration of time share plan. Presales authorization. Application fee. Developer requirements after approval by commissioner
- Conn. Gen. Stat. § 42-103jjTime share plan registration application. Abbreviated application. Statement in lieu of abbreviated application. Exclusion. Application investigation and inspection of property. Costs. Amendments to registration. Fee
- Conn. Gen. Stat. § 42-103kkRegulations. Penalties. Hearings. Enforcement. Compliance with other statutes. Developer registration. Fees
- Conn. Gen. Stat. § 42-103llll . Advertisements and promotions. Prohibitions. Disclosures
- Conn. Gen. Stat. § 42-103mmTime share disclosure statement. Written acknowledgment of receipt
- Conn. Gen. Stat. § 42-103nnExchange disclosure statement. Filing with department. Amendments. Fees
- Conn. Gen. Stat. § 42-103ooDuty and liability of developer
- Conn. Gen. Stat. § 42-103ppCancellation of purchase contract
- Conn. Gen. Stat. § 42-103qqPurchase contract statements
- Conn. Gen. Stat. § 42-103rrExchange company. Liability exceptions
- Conn. Gen. Stat. § 42-103ssDeposit of funds. Release of funds. Closing agent and developer agreement. Disputes relating to funds. Financial assurance in lieu of funds
- Conn. Gen. Stat. § 42-103ttUnfair trade practices. Use rights compliance. Nonmaterial error or omission
- Conn. Gen. Stat. § 42-103uuInsurance
- Conn. Gen. Stat. § 42-103vvDeveloper prohibitions. Penalty
- Conn. Gen. Stat. § 42-103wApplication of chapter. Definitions. Contract; information required; right to cancel. Advertising and promotional devices. Unfair trade practices. Disclosure of information concerning prizes in advertisements and promotional materials
- Conn. Gen. Stat. § 42-103wwAnnual statement of time share plan or time share property provided by managing entity upon request. Audits. Unfair trade practice. Posting in registration area of accommodation. Extension. Enforcement
- Conn. Gen. Stat. § 42-103xxTreatment of assessments collected by managing entity. Disclosures. Fiduciary duty of managing entity
- Conn. Gen. Stat. § 42-103yyAssessments. Lien on time share interest. Foreclosure
- Conn. Gen. Stat. § 42-103zzCosts of delinquent assessment collection. Notice to purchaser
Enacted in other states
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