NRS 119A.300 Requirements for issuance of initial permit.
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NRS 119A.300 Requirements for issuance of initial permit. Except as otherwise provided in NRS 119A.310 , the Administrator shall issue an initial permit to sell time shares to each applicant who:
1. Files by electronic means or in any other manner prescribed by the Administrator, a statement of record which includes:
(a)The name and address of the project broker;
(b)A copy of each time-share instrument that relates to the time-share plan;
(c)A preliminary title report for the project issued within 30 days before submission of the application and copies of the documents listed as exceptions in the report;
(d)Copies of any other documents which relate to the time-share plan or the project, including any contract, agreement or other document to be used to establish and maintain an association and to provide for the management of the time-share plan or the project, or both;
(e)Copies of instructions for escrow, deeds, sales contracts and any other documents that will be used in the sale of the time shares;
(f)A copy of any proposed trust agreement which establishes a trust for the time-share plan or the project, or both;
(g)Documents which show the current assessments for property taxes on the project;
(h)Documents which show compliance with local zoning laws;
(i)If the units which are the subject of the time-share plan are in a condominium project, or other form of common-interest ownership of property, documents which show that use of the units is in compliance with the documents which created the common-interest ownership;
(j)Copies of all documents which will be given to a purchaser who is interested in participating in a program for the exchange of occupancy rights among owners and copies of the documents which show acceptance of the time-share plan in such a program;
(k)A copy of the budget or a projection of the operating expenses of the association, if applicable;
(l)For a points-based time-share plan, a copy of the current point-value use directory and the rules and procedures for changes by the developer or the association to the manner in which point values may be used;
(m)A financial statement of the developer; and
(n)The public offering statement described in NRS 119A.307 in a form prescribed by regulation of the Division;
2. Pays the fee for an initial permit provided for in NRS 119A.360 ; and
3. Corrects any deficiencies in the application, including, without limitation, any deficiencies in the public offering statement.