Application for registration

  1. Law
  2. Arkansas Code
  3. Property
  4. Real Property
  5. Arkansas Time-Share Act
  6. Administration and Registration
  7. Application for registration

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  1. (a) An application for registration of a time-share plan shall contain:

    1. (1) The public offering statement;

    2. (2) A brief description of the time-share property;

    3. (3) Copies of time-share instruments;

    4. (4) Financial statements prepared according to generally accepted accounting principles and fully and fairly disclosing the current financial condition of the developer;

    5. (5) Any other documents referred to in the registration application; and

    6. (6) Other information as required by the Arkansas Real Estate Commission.

  2. (b)

    1. (1) If the accommodation in the time-share plan is in a condominium development or other common-interest subdivision, the application for registration shall contain evidence that the use of the accommodation for time-share purposes is not prohibited by the project instruments.

    2. (2) If the project instruments do not expressly authorize time-sharing, the application for registration shall contain evidence that purchasers in the condominium development or other common-interest subdivision were given written notice at least sixty (60) days before the application for registration was submitted that the accommodation would be used for time-share purposes.

    3. (3) If the project instruments contain a prohibition against time-sharing, the board of directors of the association shall certify that the amendment procedures in the project instruments were followed and that the project instruments have been amended to permit time-sharing.

  3. (c) The application shall be accompanied by a filing fee not to exceed one thousand dollars ($1,000).

  4. (d)

    1. (1) The commission shall thoroughly investigate matters relating to the application and may require a personal inspection of the time-share property by a person designated by it.

    2. (2) All direct expenses incurred by the commission in inspecting the time-share property are paid by the applicant, and the commission may require a deposit sufficient to cover the direct expenses before incurring them.

  5. (e) An application for registration shall be renewed, annually, and the renewal filing fee shall not exceed five hundred dollars ($500).


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