As used in the New Mexico Time Share Act:
A. "commission" means the New Mexico real estate commission;
B. "developer" means any person creating or engaged in the business of selling ten or more of its own time shares and includes any person who controls, is controlled by or is in common control with the developer and who is engaged in creating or selling time shares for the developer;
C. "enrolled" means having a paid membership in an exchange program or a membership in an exchange program evidenced by written acceptance or confirmation of membership;
D. "exchange company" means any person operating an exchange program;
E. "exchange program" means any opportunity or procedure for the assignment or exchange of time shares among purchasers in the same or another time share project;
F. "managing agent" means a person who undertakes the duties, responsibilities and obligations of the management of a time share program;
G. "person" means one or more natural persons, corporations, partnerships, associations, trusts, other entities or any combination thereof;
H. "purchaser" means any person, other than a developer or lender, who owns or acquires an interest or proposes to acquire an interest in a time share;
I. "time share" means a right to occupy a unit or any of several units during five or more separated time periods over a period of at least five years, including renewal options, whether or not coupled with a freehold estate or an estate for years in a time share project or a specified portion thereof, including, but not limited to, a vacation license, prepaid hotel reservation, club membership, limited partnership interest or vacation bond;
J. "time share program" means any arrangement for time shares whereby real property has been made subject to a time share;
K. "time share project" means any real property that is subject to a time share program;
L. "time share salesperson" means a person, other than a person who has at least a fifteen percent interest in the developer, who sells or offers to sell on behalf of a developer a time share to a purchaser; and
M. "time share unit" or "unit" means a living space in a time share project that is divided into time shares and designated for separate occupancy or use.
History: Laws 1986, ch. 97, § 3.
ANNOTATIONSCross references. — For the New Mexico real estate commission, see 61-29-4 NMSA 1978.