N.J. Admin. Code § 11:5-9A.1

Current through Register Vol. 56, No. 19, October 7, 2024

Section 11:5-9A.1 - Purpose and scope

(a) The rules in this subchapter implement the provisions of the New Jersey Real Estate Timeshare Act, N.J.S.A. 45:15-16.5 0 et seq. These rules are applicable to:

1. Timeshare plans with an accommodation or component site in this State; and

2. Timeshare plans without an accommodation or component site in this State if these timeshare plans are offered to be sold within this State, regardless of whether the offer originates from within or outside of this State.

(b) This Act shall not apply to any of the following:

1. Timeshare plans, whether or not an accommodation or component site is located in the State, consisting of 10 or fewer timeshare interests;

2. Timeshare plans, whether or not an accommodation or component site is located in this State, the use of which extends over any period of three years or less. For purposes of determining the term of a timeshare plan, the period of any automatic renewal shall be included unless a purchaser has the right to terminate the purchaser's participation in the timeshare plan at any time and receive a pro rata refund, or the purchaser receives a notice, not less than 30 days, but not more than 60 days, prior to the date of renewal, informing the purchaser of the right to terminate at any time prior to the date of automatic renewal;

3. Timeshare plans, whether or not an accommodation or component site is located in the State, under which the prospective purchaser's total financial obligation shall be equal to or less than $ 3,000 during the entire term of the timeshare plan;

4. Component sites of specific timeshare interest multi-site timeshare plans that are neither located in nor offered for sale in this State, except that these component sites are still subject to the disclosure requirements of the Act;

5. Offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under any State or Federal statute; and

6. Offers or dispositions of securities currently Registered with the Bureau of Securities within the Division of Consumer Affairs in the Department of Law and Public Safety.

(c) All correspondence and inquiries related to the Act should be directed to:

New Jersey Real Estate Commission

Bureau of Subdivided Land Sales Control

20 West State Street

P.O. Box 328

Trenton, NJ 08625-0328.

N.J. Admin. Code § 11:5-9A.1