(a) An application for registration of a time-share plan shall contain:
(1) The public offering statement;
(2) A brief description of the time-share property;
(3) Copies of time-share instruments;
(4) Financial statements prepared according to generally accepted accounting principles and fully and fairly disclosing the current financial condition of the developer;
(5) Any other documents referred to in the registration application; and
(6) Other information as required by the Arkansas Real Estate Commission.
(b)
(1) If the accommodation in the time-share plan is in a condominium development or other common-interest subdivision, the application for registration shall contain evidence that the use of the accommodation for time-share purposes is not prohibited by the project instruments.
(2) If the project instruments do not expressly authorize time-sharing, the application for registration shall contain evidence that purchasers in the condominium development or other common-interest subdivision were given written notice at least sixty (60) days before the application for registration was submitted that the accommodation would be used for time-share purposes.
(3) If the project instruments contain a prohibition against time-sharing, the board of directors of the association shall certify that the amendment procedures in the project instruments were followed and that the project instruments have been amended to permit time-sharing.
(c) The application shall be accompanied by a filing fee not to exceed one thousand dollars ($1,000).
(d)
(1) The commission shall thoroughly investigate matters relating to the application and may require a personal inspection of the time-share property by a person designated by it.
(2) All direct expenses incurred by the commission in inspecting the time-share property are paid by the applicant, and the commission may require a deposit sufficient to cover the direct expenses before incurring them.
(e) An application for registration shall be renewed, annually, and the renewal filing fee shall not exceed five hundred dollars ($500).
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