P.R. Laws tit. 31, § 1251c
This chapter shall not apply to any offer or disposition of a timeshare or vacation club right or accommodation not made or consummated with the intent or for the purpose of evading the provisions of this chapter which constitutes:
(1) An offer or disposition other than in the ordinary course of business by any holder of a purchase money lien or refinancing lien including any assignee thereof, who acquires a timeshare or vacation club right or an accommodation as a result of the corresponding owner’s default with respect to his purchase money financing or refinancing obligations, whether such timeshare or vacation club right or accommodation is acquired by foreclosure, the acceptance of a deed in lieu thereof, or other legal means;
(2) a gratuitous disposition;
(3) a disposition by devise, descent, or distribution or a disposition to an intervivos trust;
(4) the offer, sale, or disposition of a membership in an exchange program or an exchange company’s operation of its exchange program, except to the extent that such exchange program constitutes a vacation club, or as otherwise provided in §§ 1258–1258d of this title;
(5) an offer or disposition of a timeshare or vacation club right or accommodation by an owner other than a developer, unless such owner makes such offer and disposition in the ordinary course of its business or through the use of an intermediary other than a licensed real estate broker or salesperson, or
(6) the disposition of timeshares or vacation club rights in a timeshare plan or vacation club comprising twenty (20) or fewer timeshares or vacation club rights unless the developer offers or intends to offer additional timeshares or vacation club rights in the same timeshare plan or vacation club. This right of exemption may only be exercised provided the developer notifies the Company indicating an intention to exercise this right and setting forth the facts upon which the exemption is based.
History —Dec. 26, 1995, No. 252, § 1-105.