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AR SB897
Bill
Status
4/4/2013
Primary Sponsor
David Johnson
Click for details
AI Summary
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Clarifies the Arkansas Real Estate Commission's authority to regulate time-share programs, developers, brokers, sales agents, and exchange agents in the state
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Establishes registration requirements for time-share programs and mandates developers provide public offering statements to purchasers with detailed disclosures about accommodations, budgets, fees, insurance, and exchange programs
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Protects purchasers by requiring developers to place deposits in escrow accounts, providing a 5-day cancellation right, and ensuring completion guarantees for time-share properties
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Prohibits false and misleading advertising regarding time-shares and establishes enforcement authority for the Commission to impose penalties up to $5,000 per occurrence and issue cease and desist orders
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Adds provisions regulating camping site time-shares, including buyer cancellation rights through the fifth day after purchase and required disclosure forms
Legislative Description
To Clarify The Jurisdiction And Regulatory Authority Of The Arkansas Real Estate Commission; To Regulate Transactions Involving Resale Timeshare Property.
Last Action
Notification that SB897 is now Act 710
4/4/2013