Checkout our iOS App for a better way to browser and research.
(1) "Accommodation" means:
(a) a hotel or motel room;
(b) a condominium or cooperative unit;
(c) a cabin;
(d) a lodge;
(e) an apartment; or
(f) a private or commercial structure designed for overnight occupancy by one or more individuals.
(2) "Advertisement" means a written, printed, oral, audio, electronic, or visual offer that:
(a) is made by direct or general solicitation to one or more individuals; and
(b)
(i) contains an offer to sell an interest; or
(ii) contains a solicitation to visit or obtain additional information about a development.
(3) "Amendment" means a change to an approved registration that is required under Section 57-19-9 or by a division rule made under this chapter.
(4) "Association" means an organized body consisting solely of owners of timeshare interests in a timeshare development, including developers or purchasers.
(5) "Business day" means a day other than a Saturday, Sunday, or state or federal holiday.
(6) "Camping site" means a space designed or promoted for the purpose of locating a trailer, tent, tent trailer, recreational vehicle, pickup camper, motor home, or other similar device used for land-based portable housing.
(7) "Camp resort" means an enterprise that has as its primary purpose the offering of a camp resort interest.
(8) "Camp resort interest" means the right to use and occupy a camping site.
(9) "Consolidation" means the registration of one or more additional sites or interests in a development after the division approves the development's registration.
(10) "Developer" means a person that:
(a) establishes, owns, offers, sells, or operates a timeshare development or camp resort; or
(b) engages one or more other persons to establish, own, offer, sell, or operate a timeshare development or camp resort on the person's behalf.
(11)
(a) "Development" means an enterprise with the primary purpose of offering an interest in a camp resort or timeshare development.
(b) "Development" includes:
(i) a single-site development; or
(ii) a multiple-site development.
(12) "Director" means the director of the division.
(13) "Direct sales presentation" means an in-person, telephonic, or Internet-based communication that presents an offer to purchase an interest in a development to one or more prospective purchasers.
(14) "Division" means the Division of Real Estate of the Department of Commerce.
(15) "Executive director" means the executive director of the Department of Commerce.
(16)
(a) "Interest" means a right that a purchaser receives in exchange for consideration to use and occupy a camping site or an accommodation in a development:
(i) on a recurring basis; and
(ii) for a period of time that is less than one year during any given year, regardless of whether the time is determined in advance.
(b) "Interest" includes a membership agreement, sale, lease, deed, license, or right-to-use agreement.
(17) "Offer" means a solicitation solely intended to result in a person purchasing an interest in a development.
(18) "Property report" means the form of a written disclosure described in Section 57-19-11.
(19) "Purchaser" means a person who purchases an interest in a development.
(20) "Registration" means:
(a) for a development, an approved application for registration described in Section 57-19-5; or
(b) for a salesperson, an approved application for registration described in Section 57-19-15.
(21) "Renewal" or "renew" means extending a development's or a salesperson's registration for an additional period on or before the registration's expiration date.
(22)
(a) "Sale" or "sell" means selling an interest in a development for value.
(b) "Sale" or "sell" does not include charging a reasonable fee to offset the administrative costs of transferring an interest in a development.
(23)
(a) "Salesperson" means an individual who, for compensation and as agent for another, is engaged in obtaining commitments of persons to purchase an interest in a development by making direct sales presentations to those persons.
(b) "Salesperson" does not include a purchaser or an owner of a timeshare interest engaged in the referral of persons without making a direct sales presentation.
(24)
(a) "Site" means a geographic location where one or more camping sites or accommodations are located.
(b) "Site" includes a geographic location where one or more camping sites or accommodations are located that is constructed in phases and is under common management.
(25) "Timeshare development" means an enterprise with the primary purpose of offering a timeshare interest, including an interest that gives the purchaser the right to use and occupy an accommodation at a single- or multiple-site development.
(26) "Timeshare estate" means a small, undivided fractional fee interest in real property by which the purchaser does not receive any right to use an accommodation except as provided by contract, declaration, or other instrument defining a legal right.
(27)
(a) "Timeshare interest" means a right to occupy fixed or variable accommodations during three or more separate fixed or variable time periods over a period of at least three years, including renewal options, whether or not coupled with an estate in land.
(b) "Timeshare interest" includes a timeshare estate.