Nevada § 119A.400 - Prospective purchasers to be provided with public offering statement, addendum and permit

§ 119A.400. Prospective purchasers to be provided with public offering statement, addendum and permit

1. Before the execution of any contract for the sale of a time share, the developer

or, if the developer sells time shares through his or her project broker and sales

agents, the project broker and sales agent, shall provide each prospective purchaser

with: (a) A copy of the developer's public offering statement which was approved by the

Division pursuant to NRS 119A.307 and which must contain the date the developer’s permit was originally issued and

the effective date of the permit; and (b) An addendum to the public offering statement summarizing any pending amendments

to the public offering statement that have been submitted to the Division but have

not yet been approved, along with a statement to the purchaser that the amendment

has been submitted to the Division for approval. 2. The project broker or sales agent shall review the public offering statement with

each prospective purchaser before the execution of any contract for the sale of a

time share and obtain a receipt signed by the purchaser for a copy of the public offering

statement. A prospective purchaser may request to receive the public offering statement in

electronic format or paper format. If the prospective purchaser requests the public offering statement in electronic

format, the developer shall provide to the purchaser the statement of the right of

cancellation pursuant to NRS 119A.410 in a single separate document. 3. If a contract is signed by the purchaser, the signed receipt for a copy of the

public offering statement must be kept by the project broker for 3 years and is subject

to such inspections and audits as may be prescribed by regulations adopted by the

Division.