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34-27-60
Section 34-27-60 Acts constituting violation of article - Misrepresentation; waiver
of rights of purchasers; sale, etc., without license; bad checks. It shall be a violation
of this article for any seller of vacation time-sharing plans to: (1) Use any promotional
device, including but not limited to sweepstakes, lodging certificates, gift awards, premiums,
or discounts, without fully disclosing that such promotional devices are being used for the
purpose of soliciting the sale of vacation time-sharing plans and without fully disclosing
the fair market value of each award or prize offered and the approximate odds of receiving
each award or prize offered. (2) Use any promotional device as set forth above to obtain the
names and addresses of prospective purchasers without fully and prominently disclosing that
names and addresses so acquired will be used for the purpose of soliciting the sale of the
vacation time-sharing plans. (3) Misrepresent the amount of time or period of time the...
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34-27-51
Section 34-27-51 Acts constituting violation of article - Sell, etc.; without license;
failure to provide certain documents at time of registration; failure to follow rules of advertising.
It shall be a violation of this article for any seller of vacation time-sharing plans to:
(1) Sell, lease, encumber, or convey in any manner or to solicit or advertise such transactions
unless the seller has been duly licensed under the provisions of Section 34-27-66 and
unless the vacation time-sharing plan and the units thereby affected have first been registered
with the commission. Provided, however, that the registration requirements of this article
shall not apply to nor restrict the listing and resale of any vacation time-sharing plan when:
a. The vacation time-sharing plan to be resold is within an existing time-sharing facility
currently registered with the commission pursuant to the requirements of this article; and
b. The vacation time-sharing plan to be resold is subject to the identical...
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34-27-50
Section 34-27-50 Definitions. For the purposes of this article, the following terms
shall have the meaning respectively ascribed to them by this section: (1) ACCOMMODATIONS.
Any hotel or motel room, condominium, or cooperative unit, cabin, lodge, apartment, or any
other private or commercial structure designed for occupancy by one or more individuals or
any recreational vehicle campsite or campground. (2) BUSINESS ENTITY. Any individual, corporation,
firm, association, joint venture, partnership, trust, estate, business trust, syndicate, fiduciary,
and any other group or combination which engages in acts or practices in any trade or commerce.
(3) CONTRACT. Any contract, promissory note, credit agreement, negotiable instrument, lease,
use agreement, license, security, or other muniment conferring on the purchaser the rights,
benefits, and obligations of a vacation time-sharing plan. (4) COMMISSION. The Alabama Real
Estate Commission. (5) COMMISSIONER. A member of the Alabama Real Estate...
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34-27-59
Section 34-27-59 Acts constituting violation of article - Failure to disclose total
financial obligation, etc., in contract. It shall be a violation of this section for
any seller of vacation time-sharing plans to fail to fully disclose in the contract in boldface
type of a size no smaller than any other type used in the body of the contract to purchaser:
(1) The total financial obligation of the purchaser, which shall include the initial purchase
price and any additional charges to which the purchaser may be subject. (2) Any individual
or business entity which has or may have the right to alter, amend, or add to charges to which
the purchaser may be subject and the terms and conditions under which such charges may be
imposed. (3) The nature and duration of each agreement between the business offering the vacation
time-sharing plans for sale and the individual or business entity managing the accommodations
or other facilities. (4) In immediate proximity to the space reserved in the...
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34-27-58
Section 34-27-58 Acts constituting violation of article - Failure to place 50 percent
of cash, etc., received in escrow; failure to provide liability insurance, etc. (a) It shall
be a violation of this article for a seller of vacation time-sharing lease plans to fail to:
(1) Place in escrow 50 percent of the cash and receivables received from the purchasers of
such plans, such receivables to be assessed at net principal value. a. The purpose of such
escrow account is to protect the purchaser's right to a refund if at any time the accommodations
and facilities are no longer available as provided in the contract; provided however, nothing
contained in this section shall operate to deny the seller the option to repair, replace,
or reconstruct, within a reasonable time, the accommodations or facilities, if destroyed or
damaged. b. The purchaser shall be entitled to a refund from the escrow account upon the conditions
described above in an amount which represents the buyer's pro rata share...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-58.htm - 8K - Match Info - Similar pages
34-27-57
Section 34-27-57 Acts constituting violation of article - Sell, etc., interest in plan
to third person that substantially affects rights of other owners. (a) It shall be a violation
of this article for any seller of vacation time-sharing plans to sell, lease, assign, or otherwise
transfer the seller's interest in the vacation time-sharing plan or the accommodations or
facilities to a third party when such a sale, lease, assignment, or other transfer substantially
affects the rights of other owners or lessees of the time-share units, unless: (1) The third
party agrees in writing to: a. Fully honor the rights of purchasers of the vacation time-sharing
plan to occupy and use the accommodations or facilities; and b. Fully honor rights of purchasers
of the vacation time-sharing plan to cancel their contracts and receive an appropriate refund
as provided in this article; and c. Comply with the provisions of this article for as long
as the third party continues to sell the vacation...
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34-27-66
Section 34-27-66 Examination and license requirements; issuance and renewal of license;
inactive status; change of address. (a) Any person desiring to act as a seller of vacation
time-sharing plans shall file with the commission a written application upon such form as
the commission shall designate and shall pass to the satisfaction of the commission the examination
hereinafter prescribed. (b) Prerequisites for taking the vacation time-sharing sales examination
are as follows: (1) Evidence satisfactory to the commission that the applicant bears a good
reputation for honesty and truthfulness. (2) The applicant should not have been convicted
of any criminal offense involving moral turpitude or of any felony in this or any other state.
(3) The applicant shall be at least 19 years of age. (4) The applicant shall be a citizen
of the United States or, if not a citizen of the United States, a person who is legally present
in the United States with appropriate documentation from the federal...
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34-27-67
Section 34-27-67 Registration required of every plan offered for sale. Every vacation
time-sharing plan for sale or offered for sale in this state shall be registered with the
Alabama Real Estate Commission as follows: (1) Upon receipt of an application for registration
in the required form, the commission shall forthwith initiate an examination to determine
that: a. The seller may convey or cause to be conveyed the vacation time-sharing plan offered
for sale if the purchaser complies with the terms of the offer. b. The advertising material
and general promotional plan are not false or misleading as determined by the commission.
c. The requirements of this article and the rules of the commission have been fulfilled. d.
The seller has not, or, if a corporation, its officers, directors, and principals have not
been convicted of any crime involving land dispositions, any crime of moral turpitude, any
securities law violation, fraudulent business activity, or any aspect of the vacation...
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34-27-56
Section 34-27-56 Acts constituting violation of article - Misrepresentation. It shall
be a violation of this article for any seller of vacation time-sharing plans, or his or her
assignees, to misrepresent in any manner the buyer's right to cancel provided by this article.
(Acts 1983, No. 83-670, p. 1035, ยง7.)...
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34-27-55
Section 34-27-55 Acts constituting violation of article - Failure to refund all payments;
failure to place all funds in escrow account. It shall be a violation of this article for
a seller of vacation time-sharing plans to: (1) Fail to refund any and all payments made by
the buyer under the contract and return any negotiable instrument, other than checks, executed
by the buyer in connection with the contract or services within 20 days after receipt of notice
of cancellation made pursuant to Section 34-27-53, if the buyer has not received any
benefits pursuant to the contract. (2) If the buyer has received any benefits pursuant to
the contract, fail to refund within 30 days after receipt of notification of cancellation
made pursuant to Section 34-27-53 or Section 34-27-54 any and all payments made
by the buyer to the seller which exceed a pro rata portion of the total price, taking into
consideration the cost of use of the time-share facilities at an average rental rate per unit
for all...
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