Section 119A.205 - Public offering statement1. A public offering statement that has been approved or deemed approved by the Division pursuant to NRS 119A.304 or 119A.355 must have a cover sheet which states in red: THE PROSPECTIVE PURCHASER SHOULD READ THIS REPORT BEFORE SIGNING ANY PAPER.
2. In addition to including any other information or documents required to be provided by law, the public offering statement must: (a) Be prepared and submitted to the Division in an electronic format which may be edited and with text that is not smaller than 11-point font;(b) Except as otherwise provided in paragraph (c), be signed by the Administrator or his or her designee as evidence of the Division's approval for its use;(c) If deemed approved by the Division pursuant to NRS 119A.304 or 119A.355, contain the phrase "DEEMED APPROVED FOR USE" in 12-point boldface type, in lieu of containing the signature of the Administrator or his or her designee; and(d) Contain: (1) The effective date of the public offering statement, the date of the initial public offering statement and the date of every amendment thereto; and(2) The date of the initial permit and the date on which the permit was renewed or deemed renewed.3. The public offering statement must be offered to a prospective purchaser in paper format. If after being offered the public offering statement in paper format, the prospective purchaser requests to receive the public offering statement in an electronic format, the following information must be provided to the prospective purchaser in paper format, on forms prescribed by the Division:(a) The cover sheet required pursuant to subsection 1;(b) A page which includes, without limitation, the:(1) Name and address of the developer;(2) Effective date of the public offering statement;(3) Date on which the initial permit was originally issued and the permit number; and(4) Address and telephone number of the Division;(c) A copy of the Time Share Notice of Cancellation form prescribed by the Division;(d) A copy of the Receipt of Nevada Public Offering Statement form prescribed by the Division; and(e) A disclosure of alternative media delivery, which contains:(1) A list of all documents that will be included in the public offering statement being provided to the prospective purchaser in an electronic format;(2) A description of the hardware and software necessary for the prospective purchaser to access electronically the public offering statement;(3) Any instructions necessary for the prospective purchaser to access electronically the public offering statement; and(4) The following disclosure in at least 12-point boldface red type, followed by an area for the signature of the prospective purchaser: I understand that I have the option of receiving the public offering statement in an electronic format or paper format, and I have decided to accept the public offering statement in an electronic format.
I understand that I should not accept the public offering statement in an electronic format unless I am able to access electronically the public offering statement before the end of the 5-day period during which I may cancel the contract of sale pursuant to NRS 119A.410.
4. Upon providing the disclosure of alternative media delivery pursuant to subsection 3, the developer shall obtain from the prospective purchaser a receipt for a copy of the disclosure form signed by the purchaser. The developer shall keep the receipt with any other documents relating to the sale of the time share at the principal place of business of the developer.5. If the developer provides the public offering statement in an electronic format, the developer must file with the Division the documents required to be provided to a prospective purchaser in paper format pursuant to subsection 3 and a sample copy of the compact disc, USB flash drive or thumb drive or other form of electronic media on which the public offering statement is provided.Nev. Admin. Code § 119A.205
Added to NAC by Real Estate Div., eff. 12-3-84; A by R130-16A, eff. 11/13/2017; A by R130-16AP, eff. 8/30/2018