Financial and Other Records of Time-Share Project Association or Managing Agent

  1. Law
  2. Georgia Code
  3. Property
  4. Regulation of Specialized Land Transactions
  5. Time-Share Projects and Programs
  6. Developers and Exchange Companies
  7. Financial and Other Records of Time-Share Project Association or Managing Agent

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The person or entity responsible for making or collecting common expense assessments or maintenance assessments shall keep detailed financial records and shall keep said funds in a designated trust account. All financial and other records shall be made reasonably available for examination by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request.

  1. The developer of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:
    1. A copy of the escrow agreement for each time-share interval sold or, if alternative arrangements are made, a copy of the documents relating to those arrangements;
    2. Copies of lien releases, surety bonds, or other financial assurances executed by the developer to protect purchasers against any claims against the time-share program;
    3. Copies of management agreements entered into with managing agents for the management of the time-share program;
    4. Copies of agreements entered into with exchange programs for the inclusion of the time-share project in the exchange program's available facilities; and
    5. For multilocation developers, copies of certified public accountants' reports required by subparagraph (a)(3)(F) of Code Section 44-3-172.
  2. The managing agent of a time-share program shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:
    1. Copies of management agreements entered into with developers for the management of time-share programs; and
    2. Copies of budgets and statements sent to developers and time-share interval owners accounting for common expense and maintenance assessments.
  3. Exchange programs shall maintain the following records for a period of three years. Said records shall be made available for inspection by any time-share interval owner in the program, by the time-share program's association, or by the authorized agent of such owner or association upon reasonable request:
    1. Copies of agreements with developers for the inclusion of their projects in the exchange program's available facilities;
    2. Copies of agreements with time-share interval owners for their membership in the exchange program; and
    3. Copies of certified public accountants' reports as required by subparagraph (a)(2)(Q) of Code Section 44-3-172.

(Code 1981, §44-3-182, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.)


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