Section 1260-06-.10 - APPLICATION FOR REGISTRATION(1) An application for registration of a time-share program shall be executed and submitted on the form prescribed by the Commission or through an online submission. In addition to the information required by T.C.A. § 66-32-123(a), the application shall include:(a) Copies of the forms of sales contract, deed, and all other written materials to be used in the normal course of the sale of time-share intervals.(b) Evidence of compliance with the zoning laws of the local government in which the timeshare project is located.(c) The name and address of the sales agent to be employed by the developer for the sale of time-share intervals.(2) The developer of a time-share project not substantially completed shall also include with the application for registration: (a) An estimate, certified by the developer and accompanied by the information or documentation upon which it is based, of the cost to complete the time-share project (as represented in the public offering statement).(b) Sufficient evidence of financial capacity to cover such cost (e.g., financial statement; construction loan documents; etc.).(c) A copy of any contract(s) executed for the construction of the project.(d) A copy of the agreement under which escrow funds are held in accordance with T.C.A.§ 66-32-113; or, if alternate financial assurances are obtained as provided in that Section, copies of documents relating to such assurances.(e) Such other materials that the Commission may require to determine that the time-share project will be substantially completed.(3) The developer of a time-share project which is subject to an underlying blanket lien or encumbrance shall also include with the application for registration copies of non-disturbance agreements, subordination agreements, lien releases, bonds, or other financial arrangements designed to protect non-defaulting purchasers in accordance with T.C.A. § 66-32-128.Tenn. Comp. R. & Regs. 1260-06-.10
Original rule filed April 17, 1985; effective May 17, 1985. Amendments filed October 18, 2016; effective 1/16/2017.Authority: T.C.A. §§ 66-32-121 and 66-32-123.