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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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-57.htm - 2K - Match Info - Similar pages
34-27-63
Section 34-27-63 Filing of plan relating to units not substantially completed requires filing
of additional documents. If a seller files with the commission any vacation time-sharing plan
or any amendment thereto which describes or concerns time-sharing units, accommodations, or
facilities not substantially completed, the seller shall file with the commission the following:
(1) A notarized statement showing all costs involved in completing each phase of the project.
(2) A notarized statement of the time of completion of construction of each phase of the project.
(3) Satisfactory evidence of sufficient funds to cover all costs to complete the project.
(4) A copy of the executed construction contract and any other contracts for the completion
of the project. (5) A 100 percent payment performance bond payable to the State of Alabama
from a surety company authorized to do business in Alabama, covering the entire cost of construction
necessary to complete the project. (6) If purchasers'...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-63.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-50.htm - 7K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-52.htm - 1K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-55.htm - 2K - Match Info - Similar pages
34-27-64
Section 34-27-64 Registration fees; assessment of costs of investigating violation of article.
(a) For the registration of all vacation time-sharing plans and the accommodations and facilities
affected thereby which are located within the state, there shall be paid to the commission
the initial sum of seven hundred fifty dollars ($750), together with an annual renewal fee
of seven hundred fifty dollars ($750). In addition to submitting an annual renewal fee, each
time-sharing plan must submit an audited annual financial statement of the entity or person
in whose name the plan is registered done by a certified public accountant and such other
materials as the commission shall require for an annual registration renewal. For amendments
or changes to each sales promotion including brochures, pamphlets, advertisements, or other
materials disseminated to the public required pursuant to subdivision (2) of Section 34-27-51,
there shall be paid a fee of twenty dollars ($20) at the time of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-64.htm - 2K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-68.htm - 6K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
34-27-69
Section 34-27-69 Surety bond; suspension, etc., of license for violation of article; reinstatement;
relicensure; board must be notified of initiation, etc., of legal action. (a) Every applicant
for a license under this article, either original or renewal, shall furnish a surety bond
payable to the State of Alabama in the amount of $5,000 if a time-sharing salesman or $10,000
if a broker, with a surety company authorized to do business in Alabama, which bond shall
provide that the obligor therein will pay up to $5,000 or $10,000, respectively, the aggregate
sum of all judgments which may be recovered against such licensee for actual loss or damage
arising from his or her activities conducted under this article. Said bond shall be filed
with the Alabama Real Estate Commission prior to the issuance of such license. A new bond
or a renewal or continuation of the original bond shall be required for each licensing period.
If a continuous bond is filed with the commission prior to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-69.htm - 4K - Match Info - Similar pages
25-14-9
Section 25-14-9 Written contract; rights and duties of clients; employees, and professional
employer organizations. (a) All professional employer organization arrangements shall have
a written contract between the client and the professional employer organization recognizing
the rights, responsibilities, and duties of each party. The contract shall disclose to the
client the services to be rendered by the professional employer organization, including the
total administrative fees charged for professional employer organization services, the respective
rights and obligations of the parties, and shall provide the following: (1) The professional
employer organization reserves a right of direction and control over contract employees and
exercises that right in the context of the need to do so according to the terms and conditions
of the professional employment agreement. The client, however, as an employer, may retain
sufficient direction and control over covered employees necessary to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/25-14-9.htm - 12K - Match Info - Similar pages
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