An application for a final public report for nonspecific
time-share interest multi-site time-share plan is "properly completed" within
the meaning of Section 11231 of the Code if it contains the documents and
information enumerated below:
every nonspecific time-share interest multi-site time-share plan:
(1) The developer's legal name, any assumed
names used by the developer, principal office street address, mailing address,
primary contact person, and telephone number.
(2) The name of the developer's authorized or
registered agent in the state upon whom claims can be served or service of
process be had, the agent's street address in California, and telephone
(3) The name, street
address, mailing address, and telephone number of any managing entity of the
multi-site time-share plan.
Consent to service of process upon the Bureau of Real Estate if applicant is a
nonresident of California.
description of the inventory control system that will ensure compliance with
Section 11250 of the Code.
Evidence that the accommodation is presently suitable for human occupancy or
that financial arrangements have been made to complete construction or
renovation of the accommodation to make it suitable for human occupancy on or
before the first date for occupancy by a time-share interest owner.
(7) Evidence that the accommodations are
owned or leased by the developer of the time-share plan or is the subject of an
enforceable option or contract under which the developer will build, purchase,
or lease the accommodations.
an accommodation in a time-share plan is located within a local governmental
jurisdiction or subdivision of real property in which the dedication of
accommodations to time-sharing is expressly prohibited by ordinance or recorded
restriction, either absolutely or without a permit or other entitlement from
the governing body, the applicant for a public report shall present evidence of
a permit or other entitlement by the appropriate authority for the local
government or the subdivision.
A description of the type of interest and usage rights the purchaser will
(10) A description of the
duration and operation of the time-share plan.
(11) A description of the type of insurance
coverage provided for each component site.
(12) An explanation of who holds title to the
accommodations of each component site.
(13) A description of each component site,
including the name and address of each component site.
(14) The number of accommodations and
time-share interests, expressed in periods of seven-day use availability or
other time increments applicable to the multi-site time-share plan for each
component site committed to the multi-site time-share plan and available for
use by purchasers and a representation about the percentage of useable time
authorized for sale, and if that percentage is 100%, then a statement
describing how adequate periods of time for maintenance and repair will be
(15) A description of
each type of accommodation in terms of the number of bedrooms, bathrooms, and
sleeping capacity, and a statement of whether or not the accommodation contains
a full kitchen. For purposes of this description, a "full kitchen" means a
kitchen having a minimum of a dishwasher, range, sink, oven, and
(16) A description of
amenities available for use by the purchaser at each component site.
(17) A description of any incomplete
amenities at any of the component sites along with a statement as to any
assurance for completion pursuant to Section 11230 and the estimated date the
amenities will be available.
The historical occupancy of each component site for the prior 12-month period,
if the component site was part of the multi-site time-share plan during such
12-month time period, 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 that time within the multi-site time-share plan.
(19) 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 time-share plan.
A description of the reservation system
that shall include all of the following:
The entity responsible for operating the reservation system, its relationship
to the developer, and the duration of any agreement for operation of the
(B) A summary
of the rules and regulations governing access to and use of the reservation
(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.
(21) A description of any liens, defects, or
encumbrances that materially affect the purchaser's use rights.
(22) A description of the relationship
between a multi-site time-share plan managing entity and the managing entity of
the component sites of a multi-site time-share plan, if different from the
multi-site time-share plan managing entity.
(23) Copy of the budget meeting the
requirements of Section 11240, along with the budget certification or request
that the budget be certified by the Budget Review Section of the Bureau of Real
Estate and a description of the method for calculating and apportioning the
assessments among purchasers.
Any current fees or charges to be paid by time-share purchasers for the use of
any amenities related to the time-share plan and a statement that the fees or
charges are subject to change.
Any initial or special fee due from the purchaser at closing with a description
of the purpose and the method of calculating the fee.
(26) A description of any financing offered
by or available through the developer.
(27) A description of any bankruptcies,
pending civil or criminal suits, adjudications, or disciplinary actions of
which the developer has knowledge, which would have a material effect on the
developer's ability to perform its obligations.
(28) A statement disclosing any right of
first refusal or other restraint on the transfer of all or any portion of a
A copy of
instructions to escrow depository for compliance with Section 11241 including
(A) Name and address of escrow
(B) A description of
the nature of the transaction.
Conditions that must be satisfied before escrow can be closed.
(D) Provision for the return to a prospective
purchaser of funds deposited toward the purchase of a time-share interest if
the escrow for the transaction has not closed on or before a given
(30) Evidence of
financial arrangements to assure fulfillment of developer obligation to pay
assessments for unsold time-share interests pursuant to Section
(31) Copy of the contract
utilized between the exchange company and a purchaser of a time-share interest
and all promotional and informational material delivered to purchasers
pertaining to any offered exchange program.
(32) Filing fee including fee for preliminary
public report if applicable.
Certificate of qualification from Secretary of State if applicant is a foreign
(34) Preliminary title
report for all accommodations comprising the time-share plan, dated not more
than 90 days prior to the date of submission of the application or, if the
preliminary title report is dated more than 90 days earlier, with an
accompanying letter from the title officer, dated not more than 90 days prior
to submission of the application, indicating that state of title has not
changed from that set forth in the submitted preliminary title
(35) If the offering is a
security subject to the jurisdiction of the Department of Business Oversight, a
Department of Business Oversight permit or interpretive opinion or copy of
application for permit or request for interpretive opinion submitted to
Department of Business Oversight.
(36) State or local assessment and
improvement bond information if applicable to accommodations in the
(37) Copies of all
contracts, deeds, fact sheets and other instruments to be used in marketing,
financing and conveyancing of time-share interests.
(38) Copy of the covenants for component
sites of the multi-site time-share plan in accordance with Section 11251 of the
(39) Copy of trust agreement
for the multi-site time-share plan if applicable.
(40) Copy of proposed or existing agreements
for management of the multi-site time-share plan.
(41) Format of fidelity insurance or bond to
be obtained for the managing agent of the multi-site time-share plan and other
employees who will have custody or control of funds of the multi-site
time-share plan association.
Copy of letter or other evidence giving notice of the proposed dedication of
the timeshare project to local governments in which accommodations of the
multi-site time-share plan will be located. For time-share projects located
outside this state, evidence of approval or compliance of the time-share
project in the state in which the time-share project is located is sufficient
to satisfy this requirement.
Completed documents for reservations and reservation deposits if a preliminary
public report is requested.
Evidence of financial arrangements for any repurchase guarantee included in the
(45) Description of the
furnishings and other personal property to be included in the time-share
In a time-share plan
which comprises less than all of the accommodations in a hotel, motel or
similar commercial lodging establishment and in which the accommodations not
part of the time-share plan are concurrently used for transient accommodations,
a copy of the proposed contract for the following:
(A) Arrangements for temporary use for
transient occupancy of accommodations comprising the time-share plan and
temporary use by the time-share plan of accommodations regularly used for
Apportionment of the costs of operation of the hotel/motel that are for the
joint benefit of accommodations in the time-share plan and accommodations for
(47) Agreement of developer to subsidize
maintenance and operation of the multi-site time-share plan where
(48) Description of
each incidental benefit pursuant to Section 11237(b).
(49) If applicable, information as required
by Section 11233.
applicable, a certification meeting requirements of Section 11246.
(51) Audited financial statements of the
multi-site time-share plan association, if applicable.
(52) For every component involving
newly-built or as yet unbuilt accommodations, or accommodations which will be
renovated or reconstructed prior to occupancy, evidence of availability of
domestic utilities and services to the component site.
(53) If the time-share plan is located
outside this state, a public report or other disclosure document meeting the
requirements of Section 11226(c)(5).
(54) A draft public report.