Section 44-3-161 - Purpose of articleThe purposes of this article are to:
(1) Give statutory recognition to real property timesharing in this state;(2) Regulate developers of time-share estate and time-share use projects located in this state and outside this state when offered for sale in this state;(3) Require that developers of time-share projects: (A) Make certain disclosures to purchasers and prospective purchasers through the use of a public offering statement;(B) Deposit trust funds with an escrow agent;(C) Utilize only licensed real estate brokers as sales agents if required by Chapter 40 of Title 43; and(D) Comply with promotional advertising standards;(4) Establish operating standards for time-share project managing agents and exchange programs operating in this state; and(5) Provide for sanctions for violations of any provisions of this article which will permit: (A) Courts of competent jurisdiction to impose fines or imprisonment for misdemeanors and felonies; and(B) A claim for appropriate relief by any person adversely affected.