NRS 119A.055 “Material change” defined.

185 words·~1 min read·/nv/chapter-119a-time-shares/119a-055·

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

1. “Material change” means a change in any information or document that is part of the statement of record which renders the statement of record inaccurate, incomplete or misleading in such a way as to adversely affect the rights or obligations of a purchaser.

2. The term does not include a change:

(a)In the real estate tax assessment or rate, utility charges or deposits, maintenance fees, association dues, assessments, special assessments or any recurring time-share expense item, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement;

(b)Which is an aspect or result of the orderly development of the time-share plan in accordance with the time-share instrument, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement;

(c)Which corrects spelling, grammar, omissions or other similar errors and which does not affect the substance of the information or document; or

(d)Which occurs in the issuance of the updated annual report or disclosure document of an exchange company.