Nevada § 119A.300 - Requirements for issuance of initial permit

§ 119A.300. Requirements for issuance of initial permit

Except as otherwise provided in NRS 119A.310 , the Administrator shall issue an initial permit to sell time shares to each applicant

who: 1. Files by electronic means or in any other manner prescribed by the Administrator,

a statement of record which includes: (a) The name and address of the project broker; (b) A copy of each time-share instrument that relates to the time-share plan; (c) A preliminary title report for the project issued within 30 days before submission

of the application and copies of the documents listed as exceptions in the report; (d) Copies of any other documents which relate to the time-share plan or the project,

including any contract, agreement or other document to be used to establish and maintain

an association and to provide for the management of the time-share plan or the project,

or both; (e) Copies of instructions for escrow, deeds, sales contracts and any other documents

that will be used in the sale of the time shares; (f) A copy of any proposed trust agreement which establishes a trust for the time-share

plan or the project, or both; (g) Documents which show the current assessments for property taxes on the project; (h) Documents which show compliance with local zoning laws; (i) If the units which are the subject of the time-share plan are in a condominium

project, or other form of common-interest ownership of property, documents which show

that use of the units is in compliance with the documents which created the common-interest

ownership; (j) Copies of all documents which will be given to a purchaser who is interested in

participating in a program for the exchange of occupancy rights among owners and copies

of the documents which show acceptance of the time-share plan in such a program; (k) A copy of the budget or a projection of the operating expenses of the association,

if applicable; (l) For a points-based time-share plan, a copy of the current point-value use directory

and the rules and procedures for changes by the developer or the association to the

manner in which point values may be used; (m) A financial statement of the developer; and (n) The public offering statement described in NRS 119A.307 in a form prescribed by regulation of the Division; 2. Pays the fee for an initial permit provided for in NRS 119A.360 ; and 3. Corrects any deficiencies in the application, including, without limitation, any

deficiencies in the public offering statement.