1. “Material change” means a change in any information or document that is part of the statement of record which renders the statement of record inaccurate, incomplete or misleading in such a way as to adversely affect the rights or obligations of a purchaser.
2. The term does not include a change:
(a) In the real estate tax assessment or rate, utility charges or deposits, maintenance fees, association dues, assessments, special assessments or any recurring time-share expense item, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement;
(b) Which is an aspect or result of the orderly development of the time-share plan in accordance with the time-share instrument, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement;
(c) Which corrects spelling, grammar, omissions or other similar errors and which does not affect the substance of the information or document; or
(d) Which occurs in the issuance of the updated annual report or disclosure document of an exchange company.
(Added to NRS by 2013, 3507)
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