Wash. Admin. Code § 308-127-105 - Exemptions from registration
(1)
Provided that the conditions stated are met, the director may exempt from
registration limited timeshare offerings:
(a)
The offering contains fewer than four owners or timeshare intervals for at
least three years after its establishment; and
(b) There is no soliciting of purchasers in
the timeshare program from among the general public; and
(c) There appears to be neither hazard to the
public or owners nor violation of the nonregistration provisions of the
statute; and
(d) The co-owners of
the timeshare program provide the agency with advance notice of their intent to
establish a limited timeshare offering. Such notice may be given on a form for
this purpose provided by the agency, or otherwise, which shall include the
names and addresses of all co-owners of the timeshare program and properties,
the identity and location of the timeshare properties, and a description of the
timeshare program, including a copy of all agreements and forms that
financially commit the owners to the program.
(2) Resales, by an owner, on the owner's own
account, shall be exempt from registration provided that any such offering or
selling is noncommercial in nature. "Noncommercial" shall mean that the owner
of the resale intervals is not in the business of offering or selling timeshare
intervals and such offering or selling is only incidental to any profession,
occupation, or business of the owner.
(3) Offering resale timeshares for another
person's account, by a licensed broker or salesperson under
chapter
18.85 RCW, shall be exempt
from registration under the Timeshare Act, provided that:
(a) The broker shall act solely in a
brokerage capacity; and
(b) The
broker shall provide prospective purchasers with information about the
timeshares, as required in the Timeshare Act; and
(c) The broker shall ensure the transfer of
the timeshares; and
(d) The broker
shall not be in a business of marketing as a clearing house for the primary
purpose offering or selling timeshares.
Notes
Statutory Authority: RCW 43.24.086. 90-07-023, § 308-127-105, filed 3/14/90, effective 4/14/90.
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.