Nevada § 119A.540 - Annual budget; assessments for unsold time shares
Full text of Nevada Nevada Revised Statutes § 119A.540 — Annual budget; assessments for unsold time shares, with citation guidance and answers to common questions.
§ 119A.540. Annual budget; assessments for unsold time shares
1. The association or, if there is no association, the developer shall adopt an annual
budget for revenues, expenditures and reserves and collect assessments for the expenses
of the time-share plan and the project from the owners. The annual budgets of an association governing a project within this State must
be submitted to the Division until such time as the association is controlled by members
other than the developer. 2. The association or the developer shall place any money collected for assessments
and any other revenues received by or on behalf of the association in an account established
by the association. 3. The developer shall pay assessments for any time shares which are unsold or enter
into an agreement with the association, in a form approved by the Division, to pay
the difference between the actual expenses incurred by the association and the sum
of the amounts payable to the association as assessments by owners, other than the
developer, and other revenues received by the association. The Division may require the developer to provide a surety bond or other form of
security which is satisfactory to the Division, to guarantee payment of the developer's
obligation.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 119A.540
What does Nevada Revised Statutes § 119A.540 cover?
Section 119A.540 ("Annual budget; assessments for unsold time shares") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 119A.540?
A common citation format is "Nevada Revised Statutes § 119A.540" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 119A.540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.