Nev. Admin. Code § 119A.257 - Required disclosure of certain information to purchaser before resale; duties of time-share resale broker

1. The information required to be disclosed to the purchaser of a previously sold time share pursuant to NRS 119A.4775 must be given to the purchaser by a time-share resale broker in paper format on a disclosure form prescribed by the Division, and must include a notice of cancellation form prescribed by the Division.

2. A time-share resale broker shall:

(a) Obtain from each purchaser of a previously sold time share a signed receipt for the disclosure form prescribed by the Division and provide the purchaser with a copy in paper format; and

(b) Keep the receipt of the disclosure form signed by the purchaser with a copy of any contract for the resale of a time share at the principal place of business of the time-share resale broker.

3. In addition to any other information required to be disclosed to the purchaser, the following disclosures must appear on the disclosure form in not less than 12-point boldface type:

A PURCHASER MAY CANCEL, BY WRITTEN NOTICE, THE CONTRACT OF SALE UNTIL MIDNIGHT OF THE FIFTH CALENDAR DAY AFTER THE DATE OF EXECUTION OF THE CONTRACT.

THE NOTICE OF CANCELLATION MAY BE DELIVERED PERSONALLY TO THE TIME-SHARE RESALE BROKER, SENT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR SENT BY EXPRESS, PRIORITY OR RECOGNIZED OVERNIGHT DELIVERY SERVICE, WITH PROOF OF SERVICE, TO THE BUSINESS ADDRESS OF THE TIME-SHARE RESALE BROKER.

THE TIME-SHARE RESALE BROKER SHALL, WITHIN 20 DAYS AFTER RECEIPT OF THE NOTICE OF CANCELLATION, RETURN ALL PAYMENTS MADE BY THE PURCHASER.

Notes

Nev. Admin. Code § 119A.257

Added to NAC by Real Estate Div. by R143-16AP, eff. 8/30/2018

NRS 119A.4775