76-1713. Public-offering statement; general provisions; enumerated.

A public-offering statement shall be provided to each purchaser of a time-share interval at the time of purchase and shall fully and accurately disclose:

(1) The name of the developer and the principal address of the developer and the time-share intervals offered in the statement;

(2) A general description of the units including, without limitation, the developer's schedule of commencement and completion of all buildings, units, and amenities or if completed that they have been completed;

(3) As to all units offered by the developer in the same time-share project: (a) The types and number of units; (b) identification of units that are subject to time-share intervals; and (c) the estimated number of units that may become subject to time-share intervals;

(4) A brief description of the project;

(5) If applicable, any current budget and a projected budget for the time-share intervals for one year after the date of the first transfer to a purchaser. The budget shall include, without limitation: (a) A statement of the amount, or a statement that there is no amount, included in the budget as a reserve for repairs and replacement; (b) the projected common expense liability if any by category of expenditures for the time-share intervals; (c) the projected common expense liability for all time-share intervals; and (d) a statement of any services not reflected in the budget that the developer provides or expenses that it pays;

(6) Any initial or special fee due from the purchaser at closing, together with a description of the purpose and method of calculating the fee;

(7) A description of any liens, defects, or encumbrances on or affecting the title to the time-share intervals;

(8) A description of any financing offered by the developer;

(9) A statement that within three business days after receipt of the public-offering statement a purchaser may cancel any contract for purchase of a time-share interval from a developer;

(10) A statement of any pending suits material to the time-share intervals of which a developer has actual knowledge;

(11) Any restraints on alienation of any number or portion of any time-share intervals;

(12) A description of the insurance coverage, or a statement that there is no insurance coverage, provided for the benefit of time-share interval owners;

(13) Any current or expected fees or charges to be paid by time-share interval owners for the use of any facilities related to the property;

(14) The extent to which financial arrangements have been provided for completion of all promised improvements; and

(15) The extent to which a time-share unit may become subject to a tax or other lien arising out of claims against other owners of the same unit.

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