New Jersey § 45:15-16

§ 45:15-16.

a. Within 30 days after each annual anniversary date of an order registering the timeshare,

or on or before a date set by the commission, and while the developer continues to

offer any timeshare interests in the timeshare plan in this State, the developer shall

file a report in the form prescribed by the rules and regulations promulgated by the

commission. The report shall reflect any material changes in the information contained in the

original or subsequently submitted applications or documents. b. (1) The developer shall file amendments to its registration to reflect any material

change in any information set forth in the project and disclosure documents. The developer shall notify the commission of the material change prior to implementation

of the change, unless the change is beyond the control of the developer; in which

event, the developer shall provide written notice to the commission as soon as reasonably

practicable after the occurrence of the event. All amendments, supplements, and facts relevant to the material change shall be

filed with the commission within 20 calendar days of the material change. (2) The developer may continue to sell timeshare interests in the timeshare plan so

long as, prior to closing, the developer provides a notice to each purchaser that

describes the material change and provides to each purchaser the previously approved

public offering statement. If the change is material and adverse to the purchasers of the timeshare plan as

a whole, as determined by the commission, no closing shall occur until the amendment

relating to the material and adverse change has been approved by the commission. After the amendment relating to the material and adverse change has been approved

and the amended public offering statement has been issued, the amended public offering

statement shall be provided to the purchaser, and an additional seven-day rescission

period shall commence. The developer shall be required to maintain evidence of the receipt by each purchaser

of the amended public offering statement. If the commission refuses to approve the amendment relating to the material and

adverse change, all sales made using the notice shall be subject to rescission and

all funds returned. (3) The developer shall update the public offering statement to reflect any changes

to the timeshare plan that are not material and adverse, including the addition of

any component sites, within a reasonable time as determined by the commission pursuant

to regulation. c. Upon a determination by the commission that an annual report is no longer necessary

for the protection of the public interest or that the developer no longer retains

any interest and no longer has any contractual, bond or other obligations in the subdivision,

the commission shall issue an order terminating the responsibilities of the developer

under this act.