If the declaration provides that ownership or occupancy of any units is or may be in time shares, the disclosure statement shall disclose, in addition to the information required by Section 55 [47-7D-3 NMSA 1978] of the Condominium Act:
A. a description of the time share interest that may be created;
B. the number and identity of units in which time shares may be created;
C. the total number of time shares that may be created;
D. the minimum duration of any time shares that may be created; and
E. the extent to which the creation of time shares will or may affect the enforceability of the association's lien for assessments provided in Section 49 [47-7C-16 NMSA 1978] of the Condominium Act.
History: Laws 1982, ch. 27, § 57.
Compiler's notes. — This section is similar to § 4-105 of the Uniform Condominium Act, with the following main exceptions: "disclosure" is substituted for "public offering" in the introductory paragraph of this section of the state Condominium Act; and Subsection A of this section of the state Condominium Act is added.
COMMISSIONERS' COMMENT
1. Time sharing has become increasingly important in recent years, particularly with respect to resort condominiums. In recognition of this fact, this section requires the disclosure of certain information with respect to time sharing.
2. Virtually all existing state condominium statutes are silent with respect to time-share ownership. The inclusion of disclosure provisions for certain forms of time sharing in this act, however, does not imply that other law regulating time sharing is affected in any way in a state merely because that state enacts this act.
The Uniform Law Commissioners' Model Real Estate Time-Share Act specifies more extensive disclosures for time-share properties. A "time-share property" may include part or all of the condominium, and § 1-109 of the model act governs conflicts between this act and time-share legislation.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments §§ 14, 16, 22.
Regulation of time-share or interval ownership interests in real estate, 6 A.L.R.4th 1288.
31 C.J.S. Estates § 153 et seq.
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