An applicant for a public report for a time-share plan in which the use and occupancy of the time-share interest purchased in the time-share plan is determined according to a point system shall include in the application the following information:
(a) Whether additional points may be acquired by purchase or otherwise, in the future and the manner in which future purchases of points may be made.
(b) The transferability of points to other persons, other years or other time-share plans.
(c) A copy of the then-current point value use directory, along with rules and procedures for changes by the developer or the association in the manner in which point values may be used.
(1) No change exceeding 10 percent per annum in the manner in which point values may be used may be made without the assent of at least 25 percent of the voting power of the association other than the developer.
(2) No time-share interest owner shall be prevented from using a time-share plan as a result of changes in the manner in which point values may be used.
(3) In the event point values are changed or adjusted, no time-share owner shall be prevented from using his or her home resort in the same manner as was provided for under the original purchase contract.
(d) Any limitations or restrictions upon the use of point values.
(e) A description of an inventory control system that will ensure compliance with Section 11250.
(Added by Stats. 2004, Ch. 697, Sec. 14. Effective January 1, 2005. Section operative July 1, 2005, pursuant to Section 11288.)
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