Purpose of Article

  1. Law
  2. Georgia Code
  3. Property
  4. Regulation of Specialized Land Transactions
  5. Time-Share Projects and Programs
  6. General Provisions
  7. Purpose of Article

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The purposes of this article are to:

  1. Give statutory recognition to real property timesharing in this state;
  2. Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state;
  3. Require that developers of time-share projects:
    1. Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement;
    2. Deposit trust funds with an escrow agent;
    3. Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and
    4. Comply with promotional advertising standards;
  4. Establish operating standards for time-share project managing agents and exchange programs operating in this state; and
  5. Provide for sanctions for violations of any provisions of this article which will permit:
    1. Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and
    2. A claim for appropriate relief by any person adversely affected.

(Code 1981, §44-3-161, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.)


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