Ala. Admin. Code r. 790-X-5-.01

Current through Register Vol. 43, No. 1, October 31, 2024

Section 790-X-5-.01 - Qualifying Broker And Developer Responsible For Accounting Of All Funds

The qualifying broker and the developer of a registered timesharing plan shall be mutually responsible for the carrying out of the following functions:

(a) The deposit and accounting of all monies coming into their possession or that of any agent of either of them, where such monies are received regarding the lease, sale, transfer, occupancy or development of the timesharing plan or facility;

(b) The deposit into an appropriate escrow account of all monies required under Alabama law to be so deposited; and

(c) The refund of purchase money or other money to any and all persons entitled to such refund within the time period designated by Alabama law. If no time period is designated by law, then any such refund will be made within ten (10) days after the date on which the qualifying broker or developer receives notice that such refund is entitled.

(d) Further, the qualifying broker for any branch office of the timesharing plan shall also be responsible for the above listed functions regarding the activities of his respective branch office.

Author: Edward M. George

Ala. Admin. Code r. 790-X-5-.01

Filed July 24, 1984.

Statutory Authority:Code of Ala. 1975, §§ 34-27-53, 34-27-54, 34-27-55, 34-27-58, 34-27-62.