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, §7.)...
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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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34-27-54
Section 34-27-54 Acts constituting violation of article - Failure, etc., to honor buyer's request to cancel contract. It shall be a violation of this article for the seller of vacation time-sharing plans, or his or her assignees, to fail or refuse to honor a buyer's request to cancel a contract as provided by Section 34-27-53 if such request is made; 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; provided that such repair, replacement, or reconstruction shall bring such accommodations or facilities back to a state reasonably the same as before the damage or destruction. (Acts 1983, No. 83-670, p. 1035, §5.)...
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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-51.htm - 5K - Match Info - Similar pages
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...
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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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34-27-53
Section 34-27-53 Acts constituting violation of article - Failure to utilize, etc., fully completed copy of contract. It shall be a violation of this article for the seller of a vacation time-sharing plan to fail to utilize and furnish the buyer with a fully completed copy of a contract pertaining to such sale at the time of its execution which shall include: (1) The actual date the contract is signed by all parties. (2) The name and address of the seller. (3) In immediate proximity to the space reserved in the contract for the signature of the buyer and in no smaller type than contained in the body of the contract: a. In the case of a vacation time-sharing lease plan, the following statement: "You may cancel this contract without penalty or obligation within five days, not including Sunday if that is the fifth day, from the above date. You may also cancel this contract at any time in case the accommodations or facilities are no longer available as provided in the contract. If you...
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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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34-27-68
Section 34-27-68 Commission may seek injunctive relief, etc., for violation of article; investigation; revocation of registration. (a) If it appears that a person, firm, corporation, or any business entity has engaged, or is about to engage, in an act or practice constituting a violation of a provision of this article or rule or order of the commission, the commission, through the Attorney General, may institute legal actions to enjoin the act or practice and to enforce compliance with this article or any rule or order of the commission or to have a receiver or conservator appointed. To prevail in such action, it shall not be necessary to allege or prove either that an adequate remedy at law does not exist or that substantial or irreparable damage would result from the continued violation thereof. (b) The commission may: (1) Make any public or private investigation which it deems necessary, either within or outside of this state, to determine whether any person has violated or is about...
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34-27-52
Section 34-27-52 Acts constituting violation of article - Failure to keep certain items among business records. It shall be a violation of this article for any owner or business entity offering vacation time-sharing plans for sale to the public to fail to keep among its business records the following: (1) A copy of each item required to be submitted to the commission under Section 34-27-51. (2) A copy of the contract from each sale of the vacation time-sharing plan, which contract shall be retained for a period of at least three years after parties to the vacation time-sharing plan have completely performed all of their obligations thereunder. (3) A list of all employees and independent contractors involved in the development, sale, or advertising of the vacation time-sharing plan or plans, including their last known mailing addresses, which list shall include all current employees and all previous employees whose employment has been terminated within the preceding 36 months. (Acts...
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