NRS 119A.534 Disclosure statement to be submitted by certain managers; regulations.

219 words·~1 min read·/nv/chapter-119a-time-shares/119a-534·

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1. A manager of a project located in this State who enters into or renews an agreement that must comply with the provisions of subsection 3 of NRS 119A.530 shall submit to the association and to the Division a disclosure statement that contains a description of any arrangement made by the manager or an affiliate of the manager relating to:

(a)The resale of time shares on behalf of the association or its members;

(b)Actions taken for the collection of assessments and the foreclosure of liens on behalf of the association or its members;

(c)The exchange or rental of time shares owned by the association or its members; and

(d)The use of the names of the members of the association for purposes unrelated to the duties of the association as set forth in the time-share instrument and this chapter.

2. The disclosure statement must be:

(a)Submitted annually at a time designated by the Administrator and at least 120 days before any date on which the agreement is automatically renewed.

(b)Signed by the manager or an authorized representative of the manager under penalty of perjury.

3. The Administrator shall adopt regulations prescribing the form and contents of the disclosure statements required by this section.