(a) An abbreviated registration with the Arkansas Real Estate Commission may be accepted if the developer is registered and has issued a public offering statement or similar disclosure document that is provided to purchasers under any of the following:
(1) Securities Act of 1933, 15 U.S.C. § 77a et seq.;
(2) Arkansas Securities Act, § 23-42-101 et seq.;
(3) Federal Interstate Land Sales Full Disclosure Act, 15 U.S.C. § 1701 et seq., if the time-share plan is made a part of the subdivision that is being registered; and
(4) Any federal or state act that requires a federal or state agency to review a public offering statement or similar disclosure document that must be distributed to purchasers if the commission determines that the federal or state public offering statement is substantially equivalent to that required by this chapter.
(b) Annually or when a public offering statement is amended, the public offering statement shall be submitted to the commission for recertification.
(c) An applicant filing an abbreviated registration shall pay:
(1) A filing fee not to exceed five hundred dollars ($500);
(2) Any necessary investigation expenses as stated in § 18-14-204(d); and
(3) A fee not to exceed three hundred dollars ($300) for each request for recertification under subsection (b) of this section.
(d) A registration with the commission is not required in the case of:
(1) A transfer of a time-share interest by any time-share interest owner other than the developer or its agent unless the transfer is made to evade this chapter;
(2) Any disposition under a court order;
(3) A disposition by a government or governmental agency;
(4) A disposition by foreclosure or deed in lieu of foreclosure;
(5) A developer's offer of additional time-share interests in a time-share plan located outside this state to owners that have previously purchased from the developer or a developer under common ownership or control with the developer, if the developer has had a registration or amendment approved by the commission within the preceding seven (7) years;
(6) A gratuitous transfer of a time-share interest;
(7) A time-share property that consists of a single accommodation and related amenities for which the developer or a person under the control of, a subsidiary of, or affiliate of the developer operates as the acquisition agent, broker, or exchange agent; or
(8) A disposition of a time-share interest owned by an owners' association of which the time-share interest is a part.