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Code · Connecticut · Title 42 — Business, Selling, Trading and Collection Practices · CHAPTER 734b* — Time Shares

Sec. 42-103ddd. Time share resale agreement requirements. Exceptions.

370 words·~2 min read·/ct/title-42/chapter-734b-time-shares/42-103ddd·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)An agreement for a time share resale entered into by a time share owner and a time share resale broker who offers to resell such owner's time share interest shall:
(1)Be in writing; and
(2)Contain disclosures in conspicuous type that set forth:
(A)Whether any person other than the time share owner may use the time share interest during the period before the time share is resold;
(B)Whether any person other than the time share owner may rent or exchange the use of the time share interest during the period before the time share is resold;
(C)The name of any person who will receive any rents, profits or other consideration generated from the use of the time share interest during the period before the time share interest is resold;
(D)A detailed description of any relationship between the person who resells the time share interest and any other person who receives any benefit from the use of the time share interest;
(E)A description, including the amount, of any fee to be paid by the time share owner to the time share resale broker prior to the sale of the time share interest. If any such fee is charged by the time share resale broker prior to the sale of the time share interest, a statement shall be included disclosing
(i)the number of time share interests sold by the time share resale broker compared to the number of time share interests listed by the time share resale broker for each of the past three years, or
(ii)the ratio or percentage of the number of listings versus the number of time share interests sold for each of the past three years; and
(F)A description of the amount or percentage and procedures for paying any commissions due to the time share resale broker upon resale of the time share interest.
(b)Notwithstanding the provisions of sections 42-103cc to 42-103ddd , inclusive, any time share property established within this state on or before December 31, 2009, shall be exempt from the provisions of said sections, and shall be subject to the general statutes and the regulations of Connecticut state agencies as existed on said date.
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