New Jersey § 45:15-16

§ 45:15-16.

a. A developer shall: (1) prepare a public offering statement; (2) provide the statement

to each purchaser of a timeshare interest in any timeshare plan at the time of purchase;

and (3) fully and accurately disclose those facts concerning the timeshare developer

and timeshare plan that are required by this act or by regulations promulgated by

the commission. The public offering statement shall be in writing and dated and shall require the

purchaser to certify in writing that the purchaser received the statement. Upon approval of the commission, the developer may offer to deliver the public offering

statement and other documents on CD-ROM format, Internet website or other electronic

media if the purchaser consents. b. The public offering disclosure statement for a single-site timeshare plan shall

include: (1) The name and address of the developer; (2) A description of the duration and operation of the timeshare plan; (3) A description of the existing or proposed accommodations, including the type and

number of timeshare interests in the accommodations expressed in periods of seven-day

use availability or other time increments applicable to the timeshare plan. The description of each type of accommodation included in the timeshare plan shall

be categorized by the number of bedrooms, the number of bathrooms, and sleeping capacity,

and shall include a statement indicating whether the accommodation contains a full kitchen , which means a kitchen that has a minimum of a dishwasher, range, sink, oven, and

refrigerator. If the accommodations are proposed or incomplete, a schedule for commencement, completion,

and availability of the accommodations shall be provided; (4) A description of any existing or proposed amenities of the timeshare plan and,

if the amenities are proposed or incomplete, a schedule for commencement, completion,

and availability of the amenities; (5) The extent to which financial arrangements have been provided for the completion

of all promised accommodations and amenities that are committed to be built; (6) A description of the method and timing for performing maintenance of the accommodations; (7) A statement indicating that, on an annual basis, the sum of the nights that purchasers

are entitled to use the accommodations does not exceed the number of nights the accommodations

are available for use by the purchasers; (8) A description of the method by which purchasers' use of the accommodations is

scheduled; (9) A statement that an association exists or is expected to be created or that such

an association does not exist and is not expected to be created and, if such an association

exists or is reasonably contemplated, a description of its powers and responsibilities; (10) A statement that within seven days after receipt of the public offering statement

or after execution of the purchase contract, whichever is later, a purchaser may cancel

any purchase contract for a timeshare interest from a developer together with a statement

providing the name and street address to which the purchaser should mail any notice

of cancellation. However, if by agreement of the parties by and through the purchase contract, the

purchase contract allows for cancellation of the purchase contract for a period of

time exceeding seven days, then the public offering statement shall include a statement

that the cancellation of the purchase contract is allowed for that period of time

exceeding seven days; (11) Copies of the following documents, if applicable, including any amendments to

the documents, unless separately provided to the purchaser simultaneously with the

public offering statement: (a) the timeshare instrument; (b) the association articles of incorporation; (c) the association bylaws; (d) the association rules; and (e) any lease or contract, excluding the purchase contract and other loan documents

required to be signed by the purchaser at closing; (12) The name and principal address of the managing entity and a description of the

procedures, if any, for altering the powers and responsibilities of the managing entity

and for removing or replacing it; (13) The current annual budget, if available, or the projected annual budget for the

timeshare plan. The budget shall include: (a) a statement of the amount reserved or budgeted for repairs or replacements, if

any; (b) the projected common expense liability, if any, by category of expenditure for

the timeshare plan; and (c) a statement of any services or expenses not reflected in the budget that the developer

provides or pays; (14) The projected assessments and a description of the method for calculating and

apportioning those assessments among purchasers; (15) Any initial or special fee due from the purchaser at closing, together with a

description of the purpose and method of calculating the fee; (16) A description of any lien, defect, or encumbrance on or affecting title to the

timeshare interest and, if applicable, a copy of each written warranty provided by

the developer; (17) A description of any bankruptcy that is pending or which has occurred within

the past five years, pending civil or criminal proceeding, adjudication, or disciplinary

action material to the timeshare plan of which the developer has knowledge; (18) A description of any financing offered by or available through the developer; (19) Any current or anticipated fees or charges to be paid by timeshare purchasers

for the use of any accommodations or amenities related to the timeshare plan, and

a statement that the fees or charges are subject to change; (20) A description and amount of insurance coverage provided for the protection of

the purchaser; (21) The extent to which a timeshare interest may become subject to a tax lien or

other lien arising out of claims against purchasers of different timeshare interests; (22) A description of those matters required by section 18 of this act; (23) A statement disclosing any right of first refusal or other restraint on the transfer

of all or any portion of a timeshare interest; (24) A statement disclosing that any deposit made in connection with the purchase

of a timeshare interest shall be held by an escrow agent until expiration of any right

to cancel the contract and that any deposit shall be returned to the purchaser if

the purchaser elects to exercise the right of cancellation; or, if the commission

accepts from the developer a surety bond, irrevocable letter of credit, or other form

of financial assurance instead of an escrow deposit, a statement disclosing that the

developer has provided a surety bond, irrevocable letter of credit, or other form

of financial assurance in an amount equal to or in excess of the funds that would

otherwise be held by an escrow agent and that the deposit shall be returned if the

purchaser elects to exercise the right of cancellation; (25) A description of the name and address of the exchange company and the method

by which a purchaser accesses the exchange program, if the timeshare plan provides

purchasers with the opportunity to participate in an exchange program; and (26) Any other information the commission determines is necessary to protect prospective

purchasers or to implement the purpose of this act. The developer may also include any other information in the timeshare disclosure statement

following approval by the commission. c. The disclosure statement for a specific timeshare interest multi-site timeshare

plan shall include: (1) With regard to the timeshare property in which the purchaser will receive a specific

timeshare interest that includes a reservation priority right, all of the applicable

information related to that timeshare property as required under subsection b. of

this section; (2) With regard to the component site in which the purchaser does not receive a specific

timeshare interest, the following information: (a) a description of each component site, including the name and address of each component

site; (b) a description of each type of accommodation in each component site, categorized

by the number of bedrooms, the number of bathrooms, and sleeping capacity, and a statement

indicating whether the accommodation contains a full kitchen , which means a kitchen that has a minimum of a dishwater, range, sink, oven, and

refrigerator; (c) a description of the amenities at each component site available for use by the

purchaser; (d) a description of the reservation system, which shall include: (i) the entity responsible for operating the reservation system, its relationship

to the developer, and the duration of any agreement for operation of the reservation

system; (ii) a summary or the rules governing access to and use of the reservation system;

and (iii) the existence of and explanation regarding any priority reservation features

that affect a purchaser's ability to make reservations for the use of a given accommodation

on a first-come, first-served basis; (e) The name and principal address of the managing entity for the multi-site timeshare

plan and a description of the procedures, if any, for altering the powers and responsibilities

of the managing entity and for removing or replacing it; (f) A description of any right to make additions to, substitutions in, or deletions

from accommodations, amenities, or component sites, and a description of the basis

on which accommodations, amenities, or component sites may be added to, substituted

in, or deleted from the multi-site timeshare plan; (g) A description of the purchaser's liability for any fees associated with the multi-site

timeshare plan; (h) The location of each component site of the multi-site timeshare plan, as well

as any periodic adjustment or amendment to the reservation system that may be needed

in order to respond to actual purchaser use patterns and changes in purchaser use

demand for the accommodations existing at the time within the multi-site timeshare

plan; and (i) Any other information the commission determines is necessary to protect prospective

purchasers or to implement the purpose of this act. d. The public offering statement for a non-specific timeshare interest multi-site

timeshare plan shall include: (1) The name and address of the developer; (2) A description of the type of interest and usage rights the purchaser will receive; (3) A description of the duration and operation of the timeshare plan; (4) A description of the type of insurance coverage provided for each component site; (5) An explanation of who holds title to the accommodations of each component site; (6) A description of each component site, including the name and address of each component

site; (7) A description of the existing or proposed accommodations expressed in periods

of seven-day use availability or other time increments applicable to the timeshare

plan. The description of each type of accommodation included in the timeshare plan shall

be categorized by the number of bedrooms, the number of bathrooms, and sleeping capacity,

and shall include a statement indicating whether the accommodation contains a full kitchen , which means a kitchen that has a minimum of a dishwasher, range, sink, oven, and

refrigerator. If the accommodations are proposed or incomplete, a schedule for commencement, completion

and availability of the accommodations shall be provided; (8) A statement that an association for the multi-site timeshare plan exists or is

expected to be created or that such an association does not exist and is not expected

to be created and, if such an association exists or is reasonably contemplated, a

description of its powers and responsibilities; (9) If applicable, copies of the following documents applicable to the multi-site

timeshare plan, including any amendments to such documents, unless separately provided

to the purchaser simultaneously with the timeshare disclosure statement: (a) the timeshare instrument; (b) the association articles of incorporation; (c) the association bylaws; and (d) the association rules; (10) A description of the method and timing for performing maintenance of the accommodations; (11) A statement indicating that, on an annual basis, the total number of purchasers

eligible to use the accommodations of the timeshare plan during a given consecutive

12-month period never exceeds the total number of accommodations available for use

in the timeshare plan during that consecutive 12-month period; (12) A description of amenities available for use by the purchaser at each component

site; (13) The location of each component site of the multi-site timeshare plan, as well

as any periodic adjustment or amendment to the reservation system that may be needed

in order to respond to actual purchaser use patterns and changes in purchaser use

demand for the accommodations existing at the time within the multi-site timeshare

plan; (14) A description of any right to make any additions, substitutions, or deletions

of accommodations, amenities, or component sites, and a description of the basis upon

which accommodations, amenities, or component sites may be added to, substituted in,

or deleted from the multi-site timeshare plan; (15) A description of the reservation system that shall include all of the following: (a) the entity responsible for operating the reservation system, its relationship

to the developer, and the duration of any agreement for operation of the reservation

system; (b) a summary of the rules governing access to and use of the reservation system;

and (c) the existence of and an explanation regarding any priority reservation features

that affect a purchaser's ability to make reservations for the use of a given accommodation

on a first-come, first-served basis; (16) The name and principal address of the managing entity for the multi-site timeshare

plan and a description of the procedures, if any, for altering the powers and responsibilities

of the managing entity and for removing or replacing it, and a description of the

relationship between the multi-site timeshare plan managing entity and the managing

entity of the component sites of the multi-site timeshare plan, if different from

the multi-site timeshare plan managing entity; (17) A statement that within seven days after receipt of the public offering statement

or after execution of the purchase contract, whichever is later, a purchaser may cancel

any purchase contract for a timeshare interest from a developer together with a statement

providing the name and street address to which the purchaser should mail any notice

of cancellation. However, if by agreement of the parties by and through the purchase contract, the

purchase contract allows for cancellation of the purchase contract for a period of

time exceeding seven days, then the public offering statement shall include a statement

that the cancellation of the purchase contract is allowed for that period of time

exceeding seven days; (18) The current annual budget of the multi-site timeshare plan, if available, or

the projected annual budget for the multi-site timeshare plan, which shall include: (a) a statement of the amount reserved or budgeted, if any, for repairs, replacements,

and refurbishment; (b) the projected common expense liability, if any, by category of expenditure for

the multi-site timeshare plan; and (c) a statement of any services or expenses not reflected in the budget that the developer

provides or pays; (19) The projected assessments and a description of the method for calculating and

apportioning those assessments among purchasers of the multi-site timeshare plan; (20) Any current fees or charges to be paid by purchasers for the use of any amenities

related to the timeshare plan and a statement that the fees or charges are subject

to change; (21) Any initial or special fee due from the purchaser at closing, together with a

description of the purpose and method of calculating the fee; (22) A description of the purchaser's liability for any fees associated with the multi-site

timeshare plan; (23) A description of any lien, defect, or encumbrance on or affecting title to the

timeshare interest and, if applicable, a copy of each written warranty provided by

the developer; (24) The extent to which a timeshare interest may become subject to a tax lien or

other lien arising out of claims against purchasers of different timeshare interests; (25) A description of those matters required by section 18 of this act; (26) A description of any financing offered by or available through the developer; (27) A description of any bankruptcy that is pending or which has occurred within

the past five years, pending civil or criminal proceeding, adjudication, or disciplinary

action material to the timeshare plan of which the developer has knowledge; (28) A statement disclosing any right of first refusal or other restraint on the transfer

of all or a portion of a timeshare interest; (29) A statement disclosing that any deposit made in connection with the purchase

of a timeshare interest shall be held by an escrow agent until expiration of any right

to cancel the contract and that any deposit shall be returned to the purchaser if

the purchaser elects to exercise the right of cancellation; or, if the commission

accepts from the developer a surety bond, irrevocable letter of credit, or other form

of financial assurance instead of an escrow deposit, a statement disclosing that the

developer has provided a surety bond, irrevocable letter of credit, or other form

of financial assurance in an amount equal to or in excess of the funds that would

otherwise be held by an escrow agent and that the deposit shall be returned if the

purchaser elects to exercise the right of cancellation; (30) A description of the name and address of the exchange company and the method

by which a purchaser accesses the exchange program, if the timeshare plan provides

purchasers with the opportunity to participate in an exchange program; (31) Any other information the commission determines is necessary to protect prospective

purchasers or to implement the purpose of this act. The developer may also include any other information in the timeshare disclosure

statement following approval by the commission. e. The developer shall also distribute to the purchaser any additional documents as

the commission may require for accommodations in this State as provided by regulation,

including such additional documentation as may be required under the “Condominium

Act,” P.L.1969, c. 257 ( C.46:8B-1 et seq. ).