TIME SHARES

Nev. Rev. Stat. 119A
in effect

Nev. Rev. Stat. § 119A.010 Definitions.

As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 119A.020 to 119A.160, inclusive, have the meanings ascribed to them in those sections.

Nev. Rev. Stat. § 119A.030 “Affiliate of the developer” defined.

“Affiliate of the developer” means any person who controls, is controlled by or is under common control with a developer, including a person who: 1. Is a general partner, officer, director or employer of the developer; 2. Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with the power to vote, or holds proxies representing more than 20 percent of the voting interest in the developer; 3. Controls the election of a majority of the directors of the developer; or 4. Has contributed more than 20 percent of the capital of the developer.

Nev. Rev. Stat. § 119A.031 “Affiliate of the manager” defined.

“Affiliate of the manager” means any person who controls, is controlled by or is under common control with a manager, including a person who: 1. Is a general partner, officer, director or employer of the manager; 2. Directly or indirectly or acting in concert with one or more persons, or through one or more subsidiaries, owns, controls, or holds with the power to vote more than 20 percent of the voting interest in the manager; 3. Controls the election of a majority of the directors of the manager; or 4. Has contributed more than 20 percent of the capital of the manager.

Nev. Rev. Stat. § 119A.032 “Association” defined.

“Association” means an association of owners established pursuant to NRS 119A.520.

Nev. Rev. Stat. § 119A.033 “Blanket encumbrance” defined.

“Blanket encumbrance” means any mortgage, deed of trust, option to purchase, mechanic’s lien, vendor’s lien or interest under a contract or agreement for sale, judgment lien, federal or state tax lien or other lien or encumbrance which secures or evidences an obligation to pay money or to sell or convey any property made available to purchasers by the developer or any portion thereof and which authorizes, permits or requires the foreclosure or other disposition of the property affected. The term does not include a lien for taxes or assessments levied by any public authority which are not due.

Nev. Rev. Stat. § 119A.034 “Board” defined.

“Board” means the governing body designated in a time-share instrument to act on behalf of an association.

Nev. Rev. Stat. § 119A.035 “Branch office” defined.

“Branch office” means an office operated by a real estate broker who is licensed pursuant to chapter 645 of NRS, separate from the principal location of the real estate broker, for the purpose of engaging in the business of selling or reselling time shares.

Nev. Rev. Stat. § 119A.036 “Common area” defined.

“Common area” means those portions of a project other than the units. The term includes any easement which benefits the project.

Nev. Rev. Stat. § 119A.038 “Component site” defined.

“Component site” means the specific geographic location where units that are part of a time-share plan are located. The term includes units added to a single project in the same specific geographic location and under common management.

Nev. Rev. Stat. § 119A.040 “Developer” defined.

“Developer” means any person who: 1. Creates a time-share plan or is in the business of selling time shares, other than those employees or agents of the developer who sell time shares on the developer’s behalf; or 2. Succeeds to the interest of a developer by sale, lease, assignment, mortgage or other transfer. Ê The term includes only those persons who offer time shares for disposition in the ordinary course of business.

Nev. Rev. Stat. § 119A.041 “Developer’s reserved rights” defined.

“Developer’s reserved rights” means any right reserved in a time-share instrument for the benefit of the developer, the exercise of which does not require a vote of the other owners.

Nev. Rev. Stat. § 119A.050 “Division” defined.

“Division” means the Real Estate Division of the Department of Business and Industry.

Nev. Rev. Stat. § 119A.052 “Limited common area” defined.

“Limited common area” means a portion of the common area allocated by a time-share instrument for the exclusive use of at least one, but not all, of the units in a project.

Nev. Rev. Stat. § 119A.054 “Manager” defined.

“Manager” means a person who undertakes, directly or indirectly, the duties, responsibilities and obligations of managing, in whole or in part, a time-share plan or a project, or both, in accordance with an agreement entered into pursuant to NRS 119A.530.

Nev. Rev. Stat. § 119A.055 “Material change” defined.

1. “Material change” means a change in any information or document that is part of the statement of record which renders the statement of record inaccurate, incomplete or misleading in such a way as to adversely affect the rights or obligations of a purchaser. 2. The term does not include a change: (a) In the real estate tax assessment or rate, utility charges or deposits, maintenance fees, association dues, assessments, special assessments or any recurring time-share expense item, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement; (b) Which is an aspect or result of the orderly development of the time-share plan in accordance with the time-share instrument, if the change is made known immediately to the prospective purchaser by a written addendum to the public offering statement; (c) Which corrects spelling, grammar, omissions or other similar errors and which does not affect the substance of the information or document; or (d) Which occurs in the issuance of the updated annual report or disclosure document of an exchange company.

Nev. Rev. Stat. § 119A.056 “Owner” defined.

“Owner” means a person, including a developer, who has an equitable or legal interest in a time share. The term does not include a person who has an interest in a time share solely as security for an obligation.

Nev. Rev. Stat. § 119A.058 “Permanent identifying number” defined.

“Permanent identifying number” means a series of numbers or letters, or any combination thereof, which identifies, for the duration of a time-share plan, one time share in the plan.

Nev. Rev. Stat. § 119A.060 “Permit” defined.

“Permit” means the authorization issued by the Administrator pursuant to the provisions of this chapter to a developer to offer to sell or sell time shares.

Nev. Rev. Stat. § 119A.070 “Person” defined.

“Person” includes a government, a governmental agency and a political subdivision of a government.

Nev. Rev. Stat. § 119A.080 “Project” defined.

“Project” means the real property which, in whole or in part, is the subject of a time-share plan.

Nev. Rev. Stat. § 119A.090 “Project broker” defined.

“Project broker” means any person who coordinates the sale of time shares for one or more time-share plans on behalf of one or more developers and who is licensed as a real estate broker pursuant to the provisions of chapter 645 of NRS.

Nev. Rev. Stat. § 119A.100 “Public offering statement” defined.

“Public offering statement” means a disclosure document prepared and signed by the developer and approved or deemed approved for use by the Division pursuant to the provisions of this chapter, which contains the information required by this chapter and any regulations adopted pursuant thereto.

Nev. Rev. Stat. § 119A.110 “Purchaser” defined.

“Purchaser” means any person, other than the developer or lender, who purchases a time share.

Nev. Rev. Stat. § 119A.120 “Representative” defined.

“Representative” means a person who is not a sales agent and who, on behalf of a developer, induces other persons to attend a sales presentation. The term does not include a person who only performs clerical tasks, arranges appointments set up by others or prepares or distributes promotional materials.

Nev. Rev. Stat. § 119A.130 “Sales agent” defined.

“Sales agent” means a person who, on behalf of a developer and under the direct supervision of a person licensed pursuant to the provisions of chapter 645 of NRS, sells or offers to sell a time share to a purchaser or who, if he or she is not registered as a representative, may act to induce other persons to attend a sales presentation on the behalf of a developer.

Nev. Rev. Stat. § 119A.133 “Sales and marketing entity” defined.

“Sales and marketing entity” means an entity hired by a developer to manage the sale or marketing of a time-share plan.

Nev. Rev. Stat. § 119A.137 “Statement of record” defined.

“Statement of record” means the information provided to the Administrator pursuant to subsection 1 of NRS 119A.300 or NRS 119A.302, as applicable.

Nev. Rev. Stat. § 119A.140 “Time share” defined.

“Time share” means the right to use and occupy a unit on a recurrent periodic basis according to an arrangement allocating this right among various owners whether or not there is an additional charge to the owner for occupying the unit.

Nev. Rev. Stat. § 119A.150 “Time-share instrument” defined.

“Time-share instrument” means any document creating or regulating time shares, excluding any law, ordinance or governmental regulation.

Nev. Rev. Stat. § 119A.152 “Time-share plan” defined.

“Time-share plan” means the rights to time shares and the obligations and interests appurtenant thereto created by a time-share instrument.

Nev. Rev. Stat. § 119A.153 “Time-share resale” defined.

“Time-share resale” means the sale or transfer of a time share that was previously sold to a purchaser.

Nev. Rev. Stat. § 119A.156 “Time-share resale broker” defined.

“Time-share resale broker” means a person who is licensed pursuant to chapter 645 of NRS and is registered as a time-share resale broker pursuant to the provisions of this chapter and who, for compensation, lists, advertises, transfers, assists in transferring, promotes for resale or solicits prospective purchasers of previously sold time shares, on behalf of an owner other than a developer.

Nev. Rev. Stat. § 119A.170 Applicability of this chapter and chapter 645 of NRS.

1. Unless the method of disposition is adopted to evade the provisions of this chapter or chapter 645 of NRS, the provisions of this chapter, except subsection 4, do not apply to: (a) The sale of 12 or fewer time shares in a time-share plan; (b) The sale or transfer of a time share by an owner who is not the developer, unless the time share is sold in the ordinary course of business of that owner; (c) Any transfer of a time share: (1) By deed in lieu of foreclosure; (2) At a foreclosure sale; or (3) By the resale of a time share by an association that has been acquired by that association: (I) By termination of a contractual right of occupancy; (II) By deed in lieu of foreclosure, other transfer or termination; or (III) At a foreclosure sale, Ê provided that the association or its agent delivers to the purchaser the disclosures required by subsections 2 and 3 of NRS 119A.4775 and gives the purchaser the statement of the right of cancellation required by NRS 119A.410 ; (d) A gratuitous transfer of a time share; (e) A transfer by devise or descent or a transfer to an inter vivos trust; or (f) The sale or transfer of the right to use and occupy a unit on a periodic basis which recurs over a period of less than 5 years. 2. Any campground or developer who is subject to the requirements of chapter 119B of NRS and complies with those provisions is not required to comply with the provisions of this chapter. 3. The Division may waive any provision of this chapter if it finds that the enforcement of that provision is not necessary in the public interest or for the protection of purchasers. 4. The provisions of chapter 645 of NRS apply to the sale of time shares, except any sale of a time share to which this chapter applies and except any provisions of this chapter expressly excluding the applicability of the provisions of chapter 645 of NRS, and for the purpose of applying the provisions of chapter 645 of NRS, the terms “real property” and “real estate” as used in chapter 645 of NRS shall be deemed to include a time share, whether it is an interest in real property or merely a contractual right to occupancy.

Nev. Rev. Stat. § 119A.172 Applicability of provisions relating to real estate brokers and sales agents to certain owners who refer prospective purchasers to developer or association or to employee or agent of developer or association.

The provisions of this chapter and chapter 645 of NRS relating to real estate brokers and sales agents do not apply to an owner, other than a developer, who, for compensation, refers prospective purchasers to a developer or an association or an employee or agent of the developer or association, if the owner: 1. Refers to a developer or an association or an employee or agent of the developer or association, or any combination thereof, not more than 20 prospective purchasers within any 1 calendar year; and 2. Does not discuss with the prospective purchaser the terms and conditions of the purchase or otherwise participate in negotiations relating to the sale of the time share.

Nev. Rev. Stat. § 119A.174 Applicability of local ordinances, regulations and building codes.

1. A building code may not impose any requirements upon any structure in a project which it would not impose upon a physically identical development under a different form of ownership. 2. Except as otherwise provided in subsection 1, the provisions of this chapter do not invalidate or modify any provision of any building code or zoning, subdivision or other law, ordinance, rule or regulation governing the use of real estate.

Nev. Rev. Stat. § 119A.180 Classification of interest of purchaser.

1. A purchaser shall not be deemed to hold an investment contract, nor shall his or her purchase be considered risk capital, because income derived from the project and any personal property available for use by the purchaser in conjunction therewith reduces the assessment for time-share expenses, if the income inures directly to the benefit of the association and not to his or her direct benefit. 2. An interest in a time share is not a security under the provisions of chapter 90 of NRS.

Nev. Rev. Stat. § 119A.190 Regulations; professional consultants; publication of proposed form before adoption and consideration of comments.

1. The Division may: (a) Adopt regulations: (1) Which are necessary to carry out the provisions of this chapter. (2) Regarding the content of advertisements relating to time shares. (b) Employ such legal counsel, investigators and other professional consultants as are necessary to carry out the provisions of this chapter, including, without limitation, for the review of a statement of record filed pursuant to NRS 119A.300 or 119A.302 . 2. The Division shall publish on its official Internet website, or otherwise make public for at least 30 days before the adoption by the Division, any form proposed to be used by the Division under this chapter. The Division shall consider comments on any such proposed form before its adoption.

Nev. Rev. Stat. § 119A.195 Authority for Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions.

1. The Administrator may adopt regulations which establish procedures for the Division to conduct business electronically pursuant to title 59 of NRS with persons who are regulated pursuant to this chapter and with any other persons with whom the Division conducts business. The regulations may include, without limitation, the establishment of fees to pay the costs of conducting business electronically with the Division. 2. In addition to the process authorized by NRS 719.280 , if the Division is conducting business electronically with a person and a law requires a signature or record to be notarized, acknowledged, verified or made under oath, the Division may allow the person to substitute a declaration that complies with the provisions of NRS 53.045 or NRS 53.250 to 53.390 , inclusive, to satisfy the legal requirement. 3. The Division may refuse to conduct business electronically with a person who has failed to pay money which the person owes to the Division.

Nev. Rev. Stat. § 119A.200 Limitation on licensing by local governments.

Time shares, time-share plans and projects to which this chapter applies are subject to licensing by local governments for revenue but not for regulation.

Nev. Rev. Stat. § 119A.205 Technology Account.

1. The Technology Account for Chapter 119A of NRS is hereby created in the State General Fund. The Administrator shall administer the Account. 2. The interest and income earned on the money in the Account, after deducting any applicable charges, must be credited to the Account. Any money remaining in the Account at the end of the fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward to the next fiscal year. 3. All money collected from the technology fee imposed pursuant to NRS 119A.360 must be deposited in the Account and used only to acquire technology for or improve the technology used by the Division to administer the provisions of this chapter, including, without limitation, costs related to acquiring or improving technology, purchasing hardware and software, maintaining the technology and contracting for professional services related to the technology. 4. All claims against the Account must be paid as other claims against the State are paid.

Nev. Rev. Stat. § 119A.210 Sales agents: Qualifications; fees; fingerprinting; exemptions from licensing; expiration and renewal of licenses; continuing education. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. The Administrator shall issue a sales agent’s license to each applicant who submits an application to the Division, in the manner provided by the Division, which includes: (a) Satisfactory evidence, affirmed by the project broker or another acceptable source, that the applicant has completed 14 hours of instruction in: (1) Ethics. (2) The applicable laws and regulations relating to time shares. (3) Principles and practices of selling time shares. (b) Satisfactory evidence that the applicant has a reputation for honesty, trustworthiness and competence. (c) A designation of the project broker who will supervise the sales agent. (d) The social security number of the applicant. (e) Any further information required by the Division, including the submission by the applicant to any investigation by the police or the Division. 2. In addition to or in lieu of the 14 hours of instruction required by paragraph (a) of subsection 1, the applicant may be required to pass an examination which may be adopted by the Division to examine satisfactorily the knowledge of the applicant in those areas of instruction listed in paragraph (a) of subsection 1. 3. Each applicant must submit the statement required pursuant to NRS 119A.263 and pay the fees provided for in this chapter. 4. Each applicant must, as part of his or her application and at the applicant’s own expense: (a) Arrange to have a complete set of his or her fingerprints taken by a law enforcement agency or other authorized entity acceptable to the Division; and (b) Submit to the Division: (1) A completed fingerprint card and written permission authorizing the Division to submit the applicant’s fingerprints to the Central Repository for Nevada Records of Criminal History for submission to the Federal Bureau of Investigation for a report on the applicant’s background and to such other law enforcement agencies as the Division deems necessary; or (2) Written verification, on a form prescribed by the Division, stating that the fingerprints of the applicant were taken and directly forwarded electronically or by another means to the Central Repository and that the applicant has given written permission to the law enforcement agency or other authorized entity taking the fingerprints to submit the fingerprints to the Central Repository for submission to the Federal Bureau of Investigation for a report on the applicant’s background and to such other law enforcement agencies as the Division deems necessary. 5. The Division may: (a) Unless the applicant’s fingerprints are directly forwarded pursuant to subparagraph (2) of paragraph (b) of subsection 4, submit those fingerprints to the Central Repository for submission to the Federal Bureau of Investigation and to such other law enforcement agencies as the Division deems necessary; and (b) Request from each such agency any information regarding the applicant’s background as the Division deems necessary. 6. A person who is licensed as a real estate salesperson pursuant to chapter 645 of NRS is not required to obtain a license pursuant to the provisions of this section. 7. A sales agent is not required to be licensed pursuant to the provisions of chapter 645 of NRS. 8. Each sales agent’s license issued pursuant to this section expires 2 years after the last day of the calendar month in which it was issued and must be renewed on or before that date. Each licensee who submits the statement required pursuant to NRS 119A.263 and meets the requirements for renewal may renew his or her license upon the payment of the renewal fee before his or her license expires. 9. If a licensee fails to renew his or her license before it expires, the license may be reinstated if the licensee submits the statement and pays the renewal fee and the penalty specified in NRS 119A.360 within 1 year after the license expires. 10. The Administrator may adopt regulations establishing and governing requirements for the continuing education of sales agents.

Nev. Rev. Stat. § 119A.212 Sales agents: Application for renewal of license to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

1. In addition to any other requirements set forth in this chapter, an applicant for the renewal of a sales agent’s license must indicate in the application submitted to the Division whether the applicant has a state business license. If the applicant has a state business license, the applicant must include in the application the business identification number assigned by the Secretary of State upon compliance with the provisions of chapter 76 of NRS. 2. A sales agent’s license may not be renewed by the Division if: (a) The applicant fails to submit the information required by subsection 1; or (b) The State Controller has informed the Division pursuant to subsection 5 of NRS 353C.1965 that the applicant owes a debt to an agency that has been assigned to the State Controller for collection and the applicant has not: (1) Satisfied the debt; (2) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130 ; or (3) Demonstrated that the debt is not valid. 3. As used in this section: (a) “Agency” has the meaning ascribed to it in NRS 353C.020 . (b) “Debt” has the meaning ascribed to it in NRS 353C.040 .

Nev. Rev. Stat. § 119A.220 Sales agents: Association with project broker.

1. A sales agent may work for only one project broker at any one time at the location designated in the license. 2. A project broker shall give written notice to the Division of a change of association of any sales agent associated with the project broker within 10 days after that change. 3. The project broker, upon the termination of the employment of any sales agent associated with the project broker, shall submit that agent’s license to the Division. 4. If a sales agent changes his or her association with any project broker or changes his or her location designated in the license, the sales agent must apply to the Division for the reissuance of his or her license for its unexpired term. The application must be accompanied by a fee of $25. 5. A sales agent may only become associated with a project broker who certifies to the sales agent’s honesty, trustworthiness and good reputation.

Nev. Rev. Stat. § 119A.230 Sales agents: Disciplinary actions.

1. The Administrator may impose a fine or suspend, revoke, reissue, subject to conditions, or deny the renewal of any sales agent’s license issued under the provisions of this chapter at any time if the sales agent has, by false or fraudulent application or representation, obtained a license or, whether or not acting as a sales agent, is found guilty of: (a) Making any material misrepresentation; (b) Making any false promises of a character likely to influence, persuade or induce; (c) Engaging in any fraudulent, misleading or oppressive sales techniques or tactics; (d) Accepting a commission or valuable consideration as a sales agent for the performance of any of the acts specified in this chapter from any person except a licensed project broker with whom the sales agent is associated or the developer by whom the sales agent is employed; (e) Failing, within a reasonable time, to account for or remit or turn over to the project broker any money which comes into the sales agent’s possession and which belongs to others; (f) Violating any of the provisions of this chapter or chapter 119B of NRS or of any regulation adopted pursuant to either chapter, or willfully aiding or abetting another to do so; or (g) A felony relating to the practice of a sales agent or other crime of moral turpitude or has entered a plea of nolo contendere to a felony relating to the practice of a sales agent or other crime of moral turpitude. 2. The Administrator may investigate the actions of any sales agent or any person who acts in such a capacity within the State of Nevada.

Nev. Rev. Stat. § 119A.233 Provisional sales agents: Qualifications; employment with project broker.

1. The Division shall issue a provisional sales agent’s license for an applicant who submits: (a) A complete application for a sales agent’s license in compliance with NRS 119A.210 and applicable regulations; (b) A written statement of acknowledgment from the project broker who will employ the applicant that: (1) The project broker has obtained a report on the background of the applicant from a licensed private investigator or other reputable source acceptable to the Division; (2) The project broker is satisfied that the applicant has a reputation for honesty, trustworthiness and competence; and (3) There is a written agreement between the project broker and the applicant in which the applicant states that he or she understands and agrees that his or her employment in a position as a provisional sales agent will be terminated if the Division denies his or her application for a sales agent’s license; and (c) A copy of the report described in subparagraph (1) of paragraph (b), which must demonstrate that the applicant has not been convicted of, or pleaded guilty, guilty but mentally ill or nolo contendere to, any crime that would be grounds for the Division to deny the application for a sales agent’s license pursuant to this chapter or any regulations adopted pursuant thereto. 2. The Division shall issue a provisional license to the project broker for an applicant upon verifying the applicant’s complete submission of all the required items set forth in subsection 1.

Nev. Rev. Stat. § 119A.235 Provisional sales agents: Expiration of licenses; application to work for new project broker; termination of employment; denial of application for license.

1. A provisional license issued to an applicant by the Division will expire automatically: (a) If the Division denies the applicant’s application; (b) Upon the issuance of a sales agent’s license to the project broker for the applicant; (c) If the Division denies the applicant an identification card or permit of any kind; (d) If the applicant terminates employment with the project broker who provided the written statement of acknowledgment identified in NRS 119A.233 ; or (e) If the applicant’s check for the fee for the application of an original license is returned for insufficient funds. 2. An applicant may not work for a new project broker without resubmitting a complete application for a sales agent’s license in compliance with NRS 119A.210 and 119A.233 and applicable regulations. 3. Except as otherwise provided in this section, a provisional license expires 1 year after its date of issuance and may not be renewed. 4. Within 10 days after an applicant’s employment is terminated, the project broker shall notify the Division of the termination and return the provisional license to the Division. 5. If the Division denies the application for a sales agent’s license, the applicant: (a) May request a hearing to contest the denial of the application pursuant to this chapter and any regulations adopted pursuant thereto; and (b) Shall not work as a provisional sales agent or in any other position that requires a provisional license while the decision on the appeal requested pursuant to paragraph (a) is pending.

Nev. Rev. Stat. § 119A.237 Provisional sales agents: Restrictions; duties of project broker or supervising licensee; commissions.

1. A provisional licensee shall not: (a) Conduct sales-related activities unless the provisional licensee is: (1) Under the supervision of: (I) His or her project broker; or (II) A person licensed pursuant to chapter 645 of NRS. (2) At the principal place of business or a branch office of the project broker or person licensed pursuant to chapter 645 of NRS or at the physical location of a time-share development. (b) Collect personal information from a prospective purchaser or purchaser of a time share. 2. A project broker or person licensed pursuant to chapter 645 of NRS shall not grant to a provisional licensee: (a) Access to a time-share lockbox; or (b) The ability to enter a private residence or a time-share unit that an unlicensed person otherwise would not have. 3. A project broker or a person licensed pursuant to chapter 645 of NRS shall: (a) Supervise the provisional licensee; and (b) Review and approve in writing any contract prepared by the provisional licensee that relates to the sale of a time share. 4. A provisional licensee may receive a commission for the sale of a time share in which the provisional licensee is involved. 5. As used in this section: (a) “Personal information” has the meaning ascribed to it in NRS 603A.040 . (b) “Provisional licensee” means an applicant who receives a provisional sales agent’s license from the Division pursuant to NRS 119A.233 .

Nev. Rev. Stat. § 119A.240 Representatives: Qualifications for registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. The Administrator shall register as a representative each applicant who: (a) Submits proof satisfactory to the Division that the applicant has a reputation for honesty, trustworthiness and competence; (b) Applies for registration in the manner provided by the Division; (c) Submits the statement required pursuant to NRS 119A.263 ; and (d) Pays the fees provided for in this chapter. 2. An application for registration as a representative must include the social security number of the applicant. 3. A representative is not required to be licensed pursuant to the provisions of chapter 645 of NRS.

Nev. Rev. Stat. § 119A.250 Representatives: Expiration, renewal, reinstatement and transfer of registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. The registration of a representative issued pursuant to this chapter expires 1 year after its issuance. 2. Each representative who submits the statement required pursuant to NRS 119A.263 and meets the requirements for renewal adopted by the Division may renew his or her registration upon the payment of the annual renewal fee before his or her registration expires. 3. If a representative fails to renew his or her registration before it expires, the registration may be reinstated upon the submission of the statement and the payment of the annual renewal fee and the penalty specified in NRS 119A.360 within 1 year after the registration expires. 4. A representative issued a registration shall not change his or her association to another developer unless the representative has obtained from the Division a transfer of his or her registration for its unexpired term. An application to the Division for the transfer of his or her registration for the unexpired term must be accompanied by the fee specified in NRS 119A.360 for the transfer of registration.

Nev. Rev. Stat. § 119A.255 Representatives: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

1. In addition to any other requirements set forth in this chapter, an applicant for the renewal of registration as a representative must indicate in the application submitted to the Division whether the applicant has a state business license. If the applicant has a state business license, the applicant must include in the application the business identification number assigned by the Secretary of State upon compliance with the provisions of chapter 76 of NRS. 2. Registration as a representative may not be renewed by the Administrator if: (a) The applicant fails to submit the information required by subsection 1; or (b) The State Controller has informed the Administrator pursuant to subsection 5 of NRS 353C.1965 that the applicant owes a debt to an agency that has been assigned to the State Controller for collection and the applicant has not: (1) Satisfied the debt; (2) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130 ; or (3) Demonstrated that the debt is not valid. 3. As used in this section: (a) “Agency” has the meaning ascribed to it in NRS 353C.020 . (b) “Debt” has the meaning ascribed to it in NRS 353C.040 .

Nev. Rev. Stat. § 119A.260 Representatives: Prohibited acts; compliance with standards applied to real estate brokers and salespersons.

1. A representative shall not negotiate the sale of, or discuss prices of, a time share. A representative may only induce and solicit persons to attend promotional meetings for the sale of time shares and distribute information on behalf of a developer. 2. The representative’s activities must strictly conform to the methods for the procurement of prospective purchasers which have been approved by the Division. 3. The representative shall comply with any applicable standards for conducting business as are applied to real estate brokers and salespersons pursuant to chapter 645 of NRS and the regulations adopted pursuant thereto. 4. A representative shall not make targeted solicitations of purchasers or prospective purchasers of time shares in another project with which the representative is not associated. A developer or project broker shall not pay or offer to pay a representative a bonus or other type of special compensation to engage in such activity.

Nev. Rev. Stat. § 119A.263 Payment of child support: Statement by applicant for sales agent’s license or registration as representative or manager; grounds for denial of license or registration; duty of Administrator. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. An applicant for the issuance or renewal of a sales agent’s license or registration as a representative or manager shall submit to the Administrator the statement prescribed by the Division of Social Services of the Department of Human Services pursuant to NRS 425.520 . The statement must be completed and signed by the applicant. 2. The Administrator shall include the statement required pursuant to subsection 1 in: (a) The application or any other forms that must be submitted for the issuance or renewal of the license or registration; or (b) A separate form prescribed by the Administrator. 3. A sales agent’s license or registration as a representative or manager may not be issued or renewed by the Administrator if the applicant: (a) Fails to complete or submit the statement required pursuant to subsection 1; or (b) Indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order. 4. If an applicant indicates on the statement submitted pursuant to subsection 1 that the applicant is subject to a court order for the support of a child and is not in compliance with the order or a plan approved by the district attorney or other public agency enforcing the order for the repayment of the amount owed pursuant to the order, the Administrator shall advise the applicant to contact the district attorney or other public agency enforcing the order to determine the actions that the applicant may take to satisfy the arrearage.

Nev. Rev. Stat. § 119A.266 Suspension of sales agent’s license or registration as representative or manager for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of suspended license or registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. If the Administrator receives a copy of a court order issued pursuant to NRS 425.540 that provides for the suspension of all professional, occupational and recreational licenses, certificates and permits issued to a person who has been issued a sales agent’s license or has been registered as a representative or manager, the Administrator shall deem the license or registration to be suspended at the end of the 30th day after the date on which the court order was issued unless the Administrator receives a letter issued to the holder of the license or registration by the district attorney or other public agency pursuant to NRS 425.550 stating that the holder of the license or registration has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560 . 2. The Administrator shall reinstate a sales agent’s license or the registration of a representative or manager that has been suspended by a district court pursuant to NRS 425.540 if the Administrator receives a letter issued by the district attorney or other public agency pursuant to NRS 425.550 to the person whose license or registration was suspended stating that the person whose license or registration was suspended has complied with the subpoena or warrant or has satisfied the arrearage pursuant to NRS 425.560 .

Nev. Rev. Stat. § 119A.268 Branch offices.

1. Every branch office must be operated under the supervision of a real estate broker or real estate broker-salesperson who is licensed pursuant to chapter 645 of NRS and who has had at least 2 years of experience as an active real estate broker or real estate broker-salesperson in the United States. 2. The project broker or time-share resale broker is responsible for each branch office which he or she operates. 3. If the location of the branch office does not permit a project broker or a time-share resale broker to exercise direct supervision of a branch office, a real estate broker-salesperson shall directly supervise the branch office. 4. A supervisor of a branch office may not supervise more than one branch office.

Nev. Rev. Stat. § 119A.270 Developers: Prohibited acts.

A developer shall not: 1. Offer to sell any time shares in this state unless the developer holds either a preliminary permit to sell time shares or a permit to sell time shares issued by the Administrator pursuant to the provisions of this chapter. 2. Sell any time shares in this state unless the developer holds a permit to sell time shares issued by the Administrator pursuant to the provisions of this chapter. 3. Offer to sell or sell a time share in this state unless the developer has named a person to act as a project broker. 4. Offer to sell or sell a time share in this state except through a project broker.

Nev. Rev. Stat. § 119A.280 Developers: Order to cease; hearing; agreement in lieu of order.

1. The Administrator may issue an order directing a developer to cease engaging in activities for which the developer has not received or been deemed to have received a permit under this chapter or conducting activities in a manner not in compliance with the provisions of this chapter or the regulations adopted pursuant thereto. 2. The order to cease must be in writing and must describe the violation in sufficient detail to inform the developer of the aspect in which it has failed to comply with the provisions of this chapter. The developer shall not engage in any activity regulated by this chapter after the developer receives such an order. 3. Within 30 days after receiving such an order, a developer may file a verified petition with the Administrator for a hearing. The Administrator shall hold a hearing within 30 days after the petition has been filed. If the Administrator fails to hold a hearing within 30 days, or does not render a written decision within 45 days after the final hearing, the cease and desist order is rescinded. 4. If the decision of the Administrator after a hearing is against the person ordered to cease and desist, the person may appeal that decision by filing, within 30 days after the date on which the decision was issued, a petition in the district court for the county in which the person conducted the activity. The burden of proof in the appeal is on the appellant. The court shall consider the decision of the Administrator for which the appeal is taken and is limited solely to a consideration and determination of the question of whether there has been an abuse of discretion on the part of the Administrator in making the decision. 5. In lieu of the issuance of an order to cease such activities, the Administrator may enter into an agreement with the developer in which the developer agrees to: (a) Discontinue the activities that are not in compliance with this chapter; (b) Pay all costs incurred by the Division in investigating the developer’s activities and conducting any necessary hearings; and (c) Return to the purchasers any money or property which the developer acquired through such violations. Ê Except as otherwise provided in NRS 239.0115 , the terms of such an agreement are confidential unless violated by the developer.

Nev. Rev. Stat. § 119A.285 Developers: Inapplicability of certain provisions to offer or disposition of certain time shares.

The provisions of NRS 119A.290 to 119A.470, inclusive, 119A.480 and 119A.720 do not apply to a developer who has a valid permit issued pursuant to this chapter concerning the offer or disposition in this State of a time share in a time-share plan which includes units which are: 1. Located outside of this State; 2. Not registered pursuant to the provisions of this chapter; and 3. Offered or sold to an existing owner of a time-share plan offered by that developer or an affiliate of that developer if the developer or the affiliate: (a) Authorizes the purchaser to cancel the purchase contract until midnight of the fifth calendar day after the date of the execution of the contract; and (b) Provides the purchaser with all of the time share disclosure documents required by law in the jurisdiction in which the time share is located.

Nev. Rev. Stat. § 119A.290 Preliminary permits.

1. The Administrator shall issue a preliminary permit to sell time shares to each applicant who: (a) Submits proof satisfactory to the Administrator that all of the requirements for a permit to sell time shares will be met; (b) Applies for the preliminary permit in the manner provided by the Division; and (c) Pays the fee provided for in this chapter. 2. A preliminary permit entitles the developer to solicit and accept reservations to purchase time shares.

Nev. Rev. Stat. § 119A.300 Requirements for issuance of initial permit.

Except as otherwise provided in NRS 119A.310, the Administrator shall issue an initial permit to sell time shares to each applicant who: 1. Files by electronic means or in any other manner prescribed by the Administrator, a statement of record which includes: (a) The name and address of the project broker; (b) A copy of each time-share instrument that relates to the time-share plan; (c) A preliminary title report for the project issued within 30 days before submission of the application and copies of the documents listed as exceptions in the report; (d) Copies of any other documents which relate to the time-share plan or the project, including any contract, agreement or other document to be used to establish and maintain an association and to provide for the management of the time-share plan or the project, or both; (e) Copies of instructions for escrow, deeds, sales contracts and any other documents that will be used in the sale of the time shares; (f) A copy of any proposed trust agreement which establishes a trust for the time-share plan or the project, or both; (g) Documents which show the current assessments for property taxes on the project; (h) Documents which show compliance with local zoning laws; (i) If the units which are the subject of the time-share plan are in a condominium project, or other form of common-interest ownership of property, documents which show that use of the units is in compliance with the documents which created the common-interest ownership; (j) Copies of all documents which will be given to a purchaser who is interested in participating in a program for the exchange of occupancy rights among owners and copies of the documents which show acceptance of the time-share plan in such a program; (k) A copy of the budget or a projection of the operating expenses of the association, if applicable; (l) For a points-based time-share plan, a copy of the current point-value use directory and the rules and procedures for changes by the developer or the association to the manner in which point values may be used; (m) A financial statement of the developer; and (n) The public offering statement described in NRS 119A.307 in a form prescribed by regulation of the Division; 2. Pays the fee for an initial permit provided for in NRS 119A.360 ; and 3. Corrects any deficiencies in the application, including, without limitation, any deficiencies in the public offering statement.

Nev. Rev. Stat. § 119A.302 Abbreviated registration: Requirements; certain developers excluded from using; documents to be provided to purchasers.

1. In lieu of the statement of record required pursuant to NRS 119A.300 , the Division may accept an abbreviated registration from a developer of a time-share plan in which some or all of the units are located outside of this State if: (a) The developer provides evidence that the time-share plan is registered with the applicable regulatory agency in the state or jurisdiction where the time-share plan is offered or sold and that the time-share plan is in compliance with the laws and regulations of the state or jurisdiction in which some or all of the units are located; and (b) The disclosure requirements of the other state or jurisdiction are substantially equivalent to or greater than the information required to be disclosed to purchasers in this State pursuant to this chapter. 2. A developer who files an abbreviated registration pursuant to subsection 1 shall, in addition to paying the fee for an initial permit required by NRS 119A.360 , provide to the Division: (a) The developer’s legal name, any assumed names used by the developer and the developer’s principal office location, mailing address, primary contact person and telephone number; (b) The name, location, mailing address, primary contact person and telephone number of the time-share plan; (c) The name and principal address of the developer’s authorized project broker who must be a real estate broker licensed to maintain offices within this State; (d) The name and principal address of all sales and marketing entities and the manager of the time-share plan; (e) Evidence of registration and compliance with the laws and regulations of the state or jurisdiction in which the time-share plan is located, approved or accepted; (f) A brief description as to whether the time-share plan contains one or more component sites and a brief description of the types of time shares offered in the time-share plan; (g) Disclosure of each jurisdiction in which the developer has applied for registration of the time-share plan and whether the time-share plan or its developer was denied registration or was the subject of any disciplinary proceeding; (h) Copies of any disclosure documents required to be given to purchasers or required to be filed with the state or jurisdiction in which the time-share plan is located, approved or accepted; (i) A copy of the current annual or projected budget for the association if not otherwise included in the disclosure documents; and (j) Any other information regarding the developer, time-share plan, project broker, manager or sales and marketing entities as established by the Division by regulation. 3. A developer of a time-share plan with units located solely in this State may not file an abbreviated application. 4. Upon acceptance of the abbreviated registration by the Division, the developer shall provide to each purchaser, in lieu of the public offering statement required to be provided pursuant to the provisions of NRS 119A.400 , a copy of the public report, public offering statement or other disclosure document which complies with paragraph (b) of subsection 1, including a cover page which states that such disclosure document has been approved for use by the Real Estate Division of the Department of Business and Industry.

Nev. Rev. Stat. § 119A.304 Developer to file amended statement of record if material change to time-share plan; effectiveness; correction of deficiencies; amendment to time-share instrument required to be filed with Division; approval of amendment by Division.

1. If there is a material change to the time-share plan, the developer shall file an amended statement of record, and such amended statement of record is effective on the 60th day after the filing or, in the event that units are added to the time-share plan which are in a component site which has not previously been registered with the Division, on the 120th day after the filing, unless the Administrator: (a) Issues a denial of the amended statement of record pursuant to NRS 119A.654 in a notice of deficiency describing the reasons for the denial in sufficient detail to allow the developer to correct the deficiencies in the amended statement of record; or (b) Approves the amended statement of record on an earlier date. 2. The developer may submit evidence that the deficiencies in the amended statement of record described in the notice of deficiency issued pursuant to paragraph (a) of subsection 1 have been corrected within 90 days after the developer receives the notice of deficiency or within such extended time period as approved by the Division in writing. 3. The Administrator shall, within 30 days after receiving evidence that the deficiencies in the amended statement of record are corrected, approve the amended statement of record or issue a denial of the amended statement of record pursuant to NRS 119A.654 in a notice of deficiency describing the reasons for denial. If the Division fails to take any of the actions described in this subsection within the 30-day period, the amended statement of record shall be deemed approved by the Division. 4. If the developer fails to correct all the deficiencies in the amended statement of record after receipt of a second notice of deficiency pursuant to subsection 3, the Administrator may deny the amended statement of record and require the developer to pay a filing fee equal to one-half of the filing fee for an amendment to a statement of record as set forth in subsection 1 of NRS 119A.360 . 5. Any amendment proposed by the developer to the provisions of a time-share instrument must be filed with the Division. Unless the Division notifies the developer of its disapproval within 15 days after the developer files the proposed amendment to the time-share instrument, the amendment shall be deemed to be approved by the Division.

Nev. Rev. Stat. § 119A.305 Terms and conditions of supporting documents: Description in public offering statement; conditions of permit.

The terms and conditions of the documents and agreements submitted pursuant to NRS 119A.300 and 119A.307 which relate to the creation and management of the time-share plan and to the sale of time shares and to which the applicant or an affiliate of the applicant is a party must be described in the public offering statement and constitute the terms and conditions of the applicant’s permit to sell time shares.

Nev. Rev. Stat. § 119A.307 Filing of public offering statement; form; contents; copies of certain documents to be provided to purchaser; waiver of requirements by Administrator.

1. The developer shall file a public offering statement with the Division for approval for use as prescribed in NRS 119A.300 . 2. The public offering statement must include: (a) The following disclosures in substantially the following form, in at least 12-point bold type: This Public Offering Statement is prepared by the Developer to provide you with basic and relevant information on a specific time-share offering. The Developer or Owner of the offering that is the subject of this Public Offering Statement has provided certain information and documentation to the Real Estate Division of the Department of Business and Industry (the “Division”) as required by law. The statements contained in this Public Offering Statement are only summary in nature. A prospective purchaser should review the purchase contract, all documents governing the time-share plan or provided or available to the purchaser and the sales materials. You should not rely upon oral representations as being correct. Refer to this public offering statement, the purchase contract and the documents governing the time-share plan for correct representations. While the Division makes every effort to confirm the information provided and to ensure that the offering will be developed, managed and operated as planned, there is no guarantee this will always be the case. The Division cannot and does not make any promise or guarantee as to the viability or continuance of the offering or the financial future of the offering or any plan, club or association affiliated therewith. The information included in this Public Offering Statement is applicable as of its effective date. Expenses of operation are difficult to predict accurately and even if accurately estimated initially, most expenses increase with the age of facilities and with increases in the cost of living. The Division strongly suggests that before executing an agreement or contract, you read all of the documentation and information provided to you and seek additional assistance if necessary to assure that you understand all aspects of the offering and are aware of any potential adverse circumstances that could result from a time-share purchase in this Offering. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The right of cancellation may not be waived. Any attempt by the Developer to obtain a waiver results in a contract which is voidable by the purchaser. The notice of cancellation may be delivered personally to the Developer or sent by certified mail, return receipt requested, or by providing notice by express, priority or recognized overnight delivery service, with proof of service, to the business address of the Developer. The Developer must, within 20 days after receipt of the notice of cancellation, return all payments made by the Purchaser. (b) The following disclosures in substantially the following form, in at least 12-point bold type on a separate page in a prominent place, as determined by the Division: A time share is for personal use and is not an investment for a profit or tax advantage. The purchase of a time share should be based upon its value as a vacation experience or for spending leisure time, and not for purposes of acquiring an appreciating investment or with an expectation that the time share may be resold. Resale of your time share may be subject to conditions, including, without limitation, restrictions on the posting of signs, restrictions on the rights of other parties to enter the project unaccompanied, the Developer’s first right of refusal or the Developer’s continued sale of time-share inventory. Any future purchaser may not receive any ancillary benefits which were not part of the time-share plan that the Developer may have offered at the time of purchase. You should check your contract and the governing documents for any such conditions and also check whether your purchase contract or note or any other obligation will be fully due and payable upon sale of your time share. Real estate agents may not be interested in listing your time share. 3. The public offering statement must include, without limitation, the following information in a form prescribed by the Division: (a) A brief history of the developer’s business background, experience in real estate and regulatory history. (b) A description of any judgment against the developer or sales and marketing entity which has a material adverse effect on the developer or the time-share plan. If no such judgment exists, there must be a statement of such fact. (c) The status of any pending proceeding to which the developer or sales and marketing entity is a party and which has a material adverse effect on the developer or the time-share plan. If no such proceedings exist, there must be a statement of such fact. (d) The name and address of the developer, the name of the time-share plan and the address of each component site. (e) A summary of the current annual budget of the project or the time-share plan, including: (1) The projected assessments for each type of unit offered in the time-share plan; and (2) A statement of property taxes assessed against the project and, if not included in the projected assessments, the projected amount of the purchaser’s share of responsibility for the property taxes assessed against the project. (f) A detailed description of the type of time-share plan being offered, a description of the type of interest and use rights the purchaser will receive and a description of the total number of time shares in the time-share plan at the time the permit is issued. (g) A description of all restrictions, easements, reservations or zoning requirements which may limit the purchaser’s use, sale, lease, transfer or conveyance of the time share. The description must include any restrictions to be imposed on time shares concerning the use of any of the accommodations or facilities, and whether there are restrictions upon children or pets. For the purposes of this paragraph: (1) The description may reference a list of the documents containing the restrictions and state that the copies of the documents are available to the purchaser upon request. (2) If there are any restrictions upon the sale, lease, transfer or conveyance of a time share, the description must include a statement, in at least 12-point bold type, in substantially the following form: The sale, lease, transfer or conveyance of a time share is restricted or controlled. (Immediately following this statement, a description of the nature of the restriction, limitation or control on the sale, lease, transfer or conveyance of the time share must be included.) (3) If there are no restrictions, there must be a statement of that fact. (h) A description of the duration, projected phases and operation of the time-share plan. (i) A representation by the developer ensuring that the time-share plan maintains a one-to-one use night to use right ratio. For the purposes of the ratio calculation in this paragraph, each purchaser must be counted according to the use rights held by that purchaser in any calendar year. For the purposes of this paragraph, “one-to-one use night to use right ratio” has the meaning ascribed to it in NRS 119A.525 . (j) A summary of the organization of the association for the time-share plan, the voting rights of the members, the developer’s voting rights in that association, a description of what constitutes a quorum for voting purposes and at what point in the sales program the developer relinquishes his or her control of that association, if applicable, and any other information pertaining to that association which is material to the right of the purchaser to use a time share. (k) A description of the existing or proposed accommodations, including a description of the type and number of time shares in the accommodations which is expressed in periods of 7-day use availability or other time increments applicable to the time-share plan and, if the accommodations are proposed or not yet completed or fully functional, an estimated date of completion. For the purposes of this paragraph, the type of accommodation must be described in terms of the number of bedrooms, bathrooms and sleeping capacity, and a statement of whether the accommodation contains a full kitchen. As used in this paragraph, “full kitchen” means a kitchen that includes, at a minimum, a dishwasher, range, sink, oven and refrigerator. (l) A description of any existing or proposed amenities of the time-share plan and, if the amenities are proposed or not yet completed or fully functional, the estimated date of completion, including a description of the extent to which financial assurances have been made for the completion of any incomplete but promised amenities. (m) The name and principal address of the manager, if any, of the project or time-share plan, as applicable, and a description of the procedures, if any, for altering the powers and responsibilities of the manager and for removing or replacing the manager. (n) A description of any liens, defects or encumbrances on or affecting the title to the time share which materially affects the purchaser’s use of the units or facilities within the time-share plan. (o) Any special fee due from the purchaser at closing, other than customary closing costs, together with a description of the purpose of the fee. (p) Any current or expected fees or charges to be paid by purchasers for the use of any amenities of the time-share plan. (q) A statement of whether or not the amenities of the time-share plan will be used exclusively by purchasers of time-shares in, or authorized under, the time-share plan and, if the amenities are not to be used exclusively by such purchasers or authorized users, a statement of whether or not the purchasers of time shares in the time-share plan are required to pay any portion of the maintenance expenses of such amenities in addition to any fees for the use of such amenities. (r) A statement indicating that hazard insurance coverage is provided for the project. (s) A description of the purchaser’s right to cancel the purchase contract. (t) A statement of whether or not the purchaser’s deposit will be held by an escrow agent until the expiration of any right to cancel the contract or, if the purchaser’s deposit will not be held by such an escrow agent, a statement that the purchaser’s deposit will be immediately released to the developer and that the developer has posted a surety bond. (u) A statement that the deposit plus any interest earned must be returned to the purchaser if he or she elects to exercise his or her right of cancellation. (v) If the time-share plan provides purchasers with the opportunity to participate in an exchange program, the name and address of the exchange company and a description of the method by which a purchaser may choose to participate in the exchange program. (w) A description of the reservation system, if applicable, which must include: (1) The name of the entity responsible for operating the reservation system, its relationship to the developer and the duration of any agreement for operation of the reservation system; and (2) A summary of the rules and regulations governing access to and use of the reservation system, including, without limitation, the existence of and an explanation regarding any priority reservation features that affect a purchaser’s ability to make reservations for the use of a given accommodation on a first-come, first-served basis. (x) A description of the points system, if applicable, including, without limitation, whether additional points may be acquired by purchase or otherwise, in the future and the manner in which future purchases of points may be made, and the transferability of points to other persons, other years or other time-share plans. The description must include: (1) A statement that no owner shall be prevented from using a time share as a result of changes in the manner in which point values may be used; (2) A statement that in the event point values are changed or adjusted, no owner shall be prevented from using his or her home resort, if any, in the same manner as was provided for under the original purchase contract; and (3) A description of any limitations or restrictions upon the use of point values. (y) A statement as to whether any unit within the time-share plan is within a mixed-use project containing whole ownership condominiums. (z) A statement that documents filed with the Division as part of the statement of record which are not delivered to the purchaser are available from the developer upon request. (aa) For a time-share plan with more than one component site, a description of each component site. With respect to a component site, the information required by subparagraph (2) and paragraphs (d), (k), (l), (p), (q) and (r) may be disclosed in written, graphic, tabular or any other form approved by the Division. In addition to the information required by paragraphs (a) to (z), inclusive, the description of a time-share plan with more than one component site must include the following information: (1) A general statement as to whether the developer has a right to make additions, substitutions or deletions of any accommodations, amenities or component sites, and a statement of the basis upon which accommodations, amenities or component sites may be added to, substituted for or deleted from the time-share plan. (2) The location of each component site of the time-share plan, the historical occupancy of the units in each component site for the previous 12-month period, if the component site was part of the time-share plan during the previous 12-month time period, or any other description acceptable to the Division that reasonably informs a purchaser regarding the relative use demand per component site, as well as a statement of any periodic adjustment or amendment to the reservation system that may be needed in order to respond to actual use patterns and changes in use demand for the accommodations existing at that time within the time-share plan. (3) The number of accommodations and time shares, expressed in periods of 7-day use availability or other time increments applicable to the time-share plan, committed to the time-share plan, and available for use by purchasers, and a statement describing how adequate periods of time for maintenance and repair will be provided. (bb) Any other information that the developer, with the approval of the Administrator, decides to include in the public offering statement. 4. Copies of the following documents and plans, or proposed documents if the time-share plan has not been declared or created at the time the application for a permit is submitted, to the extent they are applicable, must be provided to the purchaser with the public offering statement: (a) Copies of the time-share instruments. (b) The estimated or, if applicable, actual operating budget of the time-share plan. 5. The public offering statement must include a list of the following documents, if applicable to the time-share plan, and must state that the documents listed are available to the purchaser upon request: (a) Any ground lease or other underlying lease of the real property associated with the time-share plan. (b) The management agreement of the project or time-share plan, as applicable. (c) The floor plan of each type of accommodation and any existing plot plan showing the location of all accommodations and facilities declared as part of the time-share plan and filed with the Division. (d) The lease for any facilities that are part of the time-share plan. (e) Any executed agreement for the escrow of payments made to the developer before closing. (f) Any letter from the escrow agent confirming that the escrow agent and its officers, directors or other partners are independent. 6. The Administrator may, upon finding that the subject matter is otherwise adequately covered or the information is unnecessary or inapplicable, waive any requirement set forth in this section.

Nev. Rev. Stat. § 119A.310 Grounds for denial of permit; burden of proof.

1. The Administrator shall deny an application for a permit to sell time shares if the Administrator finds that: (a) The developer failed to comply with any of the provisions of this chapter or the regulations adopted by the Division; or (b) The developer, any affiliate of the developer or any officer of the developer or an affiliate of the developer, has: (1) Been convicted of or pleaded nolo contendere to forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud or other crime involving moral turpitude; (2) Been the subject of a judgment in any civil or administrative action, including a proceeding to revoke or suspend a license, involving fraud or dishonesty; (3) Been permanently enjoined by a court of competent jurisdiction from selling real estate, time shares or securities in an unlawful manner; (4) Had a registration as a broker-dealer in securities or a license to act as a real estate broker or salesperson, project broker or sales agent revoked; (5) Been convicted of or pleaded nolo contendere to selling time shares without a license; or (6) Had a permit to sell time shares, securities or real estate revoked. 2. The Administrator may deny an application for a permit to sell time shares if the Administrator finds that the developer has failed to offer satisfactory proof that it has a good reputation for honesty, trustworthiness, integrity and competence to transact the business of a developer in a manner which safeguards the interests of the public. 3. The burden of proof is on the developer to establish to the satisfaction of the Administrator that the developer is competent to transact the business of the developer in a manner which safeguards the interests of the public. 4. If a developer has substantially complied with the provisions of this chapter in good faith, a nonmaterial error or omission is not sufficient grounds to deny a permit.

Nev. Rev. Stat. § 119A.320 Period for action on application.

1. The Administrator shall, within 60 days after the receipt of an initial application for a permit to sell time shares in a time-share plan containing only one component site, regardless of whether additional component sites may be added later by an amendment to the filing, notify the applicant of his or her decision to: (a) Issue a permit to sell time shares; (b) Issue a preliminary permit to sell time shares, including a list of all deficiencies, if any, which must be corrected before a permit is issued; or (c) Deny the application and in a notice of deficiency list all the reasons for denial in sufficient detail to allow the developer to correct the deficiencies. 2. The Administrator shall, within 120 days after the receipt of an initial application for a permit to sell time shares in a time-share plan containing more than one component site, notify the applicant of his or her decision to: (a) Issue a permit to sell time shares; (b) Issue a preliminary permit to sell time shares, including a list of all deficiencies, if any, which must be corrected before a permit is issued; or (c) Deny the application and in a notice of deficiency list all the reasons for denial in sufficient detail to allow the developer to correct the deficiencies. 3. The developer may submit evidence that the deficiencies in the application described in the notice of deficiency issued pursuant to paragraph (c) of subsection 1 or paragraph (c) of subsection 2, as applicable, have been corrected within 90 days after the developer receives the notice of deficiency or within such extended time period as approved by the Division in writing. 4. The Administrator shall, within 30 days after: (a) The receipt of evidence that the deficiencies in the application for a permit to sell time shares are corrected, issue a permit to sell time shares or deny the application and list the specific reasons for denial; or (b) The issuance of a preliminary permit and receipt of evidence that all the requirements for the issuance of a permit to sell time shares have been met, issue the permit to sell time shares. 5. If it is in the public interest that the Administrator issue a second notice regarding the inadequate correction of any deficiencies in the application for a permit to sell time shares, then the Administrator shall issue such a second notice within 30 days after the developer submits evidence to correct the deficiencies identified pursuant to paragraph (c) of subsection 1, paragraph (c) of subsection 2 or subsection 3, as applicable. 6. If the developer fails to correct all the deficiencies after a second notice of deficiency is issued pursuant to subsection 5, the Administrator may deny the application and require the developer to pay a filing fee equal to one-half of the filing fee for an initial permit set forth in subsection 1 of NRS 119A.360 .

Nev. Rev. Stat. § 119A.330 Hearing on denial of application, amendment to statement of record or renewal of permit; expiration of order of denial.

1. If the Administrator denies an application for a permit to sell time shares, an amendment to the statement of record or the renewal of a permit to sell time shares, the applicant may, within 30 days, file a written request for a hearing. The Administrator shall set the matter for hearing to be conducted within 90 days after receipt of the applicant’s request, unless the applicant requests a postponement of the hearing at least 3 working days before the date set for hearing. If such a request is made by the applicant, the date of the hearing must be agreed upon between the Division and the applicant. 2. If the Division fails to: (a) Hold the hearing within 90 days or within the extended time if a postponement is requested; (b) Render its decision within 60 days after the hearing; or (c) Notify the applicant in writing, by its order, within 15 days after its decision was made, Ê the order of denial expires and the Division shall issue, within 15 days, a permit to sell time shares to the developer.

Nev. Rev. Stat. § 119A.340 Issuance of permit before completion of project.

If a project has not been completed before the issuance of a permit to sell time shares, the public offering statement must state the estimated date of completion and: 1. The developer shall establish to the satisfaction of the Administrator that a bond has been issued in an amount necessary to assure completion of the project free of any liens, which remains in effect until the project is completed free of all liens; 2. A cash deposit to cover the estimated costs of completing the project must be deposited with an escrow agent under an agreement which is approved by the Administrator; or 3. The developer shall make any other arrangement which is approved by the Administrator and necessary to safeguard the interests of the public.

Nev. Rev. Stat. § 119A.350 Investigation of applicants; expenses.

1. The Division may, before issuing any permit or license pursuant to the provisions of this chapter, fully investigate all information submitted to it as required by this chapter and, if necessary, inspect the property which is the subject of any application. All reasonable expenses incurred by the Division in carrying out the investigation or inspection must be paid by the applicant and no license or permit may be issued until those expenses have been paid. 2. Payments received by the Division pursuant to this section must be deposited in the State Treasury for credit to the Real Estate Investigative Account. The Administrator shall use the money in the Account to pay the expenses of agents and employees of the Division making the investigations pursuant to this section. The Administrator may advance money to them for those expenses when appropriate.

Nev. Rev. Stat. § 119A.355 Renewal of permit.

1. A permit must be renewed annually by the developer by filing an application with and paying the fee for renewal to the Administrator. The application must be filed and the fee paid not later than 30 days before the date on which the permit expires. The application must include the budget of the association and any material change that has occurred in the information previously provided to the Administrator or in a public offering statement provided to a prospective purchaser pursuant to the provisions of NRS 119A.400 . 2. The renewal of a permit with no material changes to the public offering statement is effective on the 30th day after the filing of the application unless the Administrator: (a) Issues a written denial of the renewal pursuant to NRS 119A.654 describing the reasons for denial in sufficient detail to allow the developer to correct the deficiencies; or (b) Approves the renewal on an earlier date. 3. The Division shall, within 30 days after the receipt of evidence that the deficiencies in the application for renewal of a permit to sell time shares are corrected, renew the permit to sell time shares or deny the renewal and list the specific reasons for denial. 4. If the Administrator fails to take any action described in subsection 3, the renewal of the permit to sell time shares shall be deemed issued by the Division.

Nev. Rev. Stat. § 119A.357 Requirement to notify Division in writing of certain convictions.

1. A sales agent, representative, manager, developer, project broker, time-share resale broker or person licensed pursuant to chapter 645 of NRS and subject to the provisions of this chapter shall notify the Division in writing if he or she is convicted of, or enters a plea of guilty, guilty but mentally ill or nolo contendere to, a felony or any crime involving moral turpitude. 2. A sales agent, representative, manager, developer, project broker, time-share resale broker or person licensed pursuant to chapter 645 of NRS and subject to the provisions of this chapter shall submit the notification required by subsection 1: (a) Not more than 10 days after the conviction or entry of the plea of guilty, guilty but mentally ill or nolo contendere; and (b) When submitting an application to renew a license, registration or permit issued pursuant to this chapter.

Nev. Rev. Stat. § 119A.358 Creation and maintenance of website through which licenses, permits or registrations may be renewed; fees.

The Division may: 1. Create and maintain a secure website on the Internet through which each license, permit or registration issued pursuant to the provisions of this chapter may be renewed; and 2. For each license, permit or registration renewed through the use of a website created and maintained pursuant to subsection 1, charge a fee in addition to any other fee provided for pursuant to this chapter which must not exceed the actual cost to the Division for providing that service.

Nev. Rev. Stat. § 119A.360 Fees.

1. The Division shall collect the following fees at the time of filing: For each application for the registration of a representative........................ $100 For each renewal of the registration of a representative.................................. 100 For each transfer of the registration of a representative to a different developer 25 For each penalty for a late renewal of the registration of a representative..... 75 For each preliminary permit to sell time shares................................................ 400 For each initial permit to sell time shares....................................................... 1,500 For each amendment to a statement of record after the issuance of the permit to sell time shares, where no new component sites are added.............................................................................. 200 For each amendment to a statement of record after the issuance of the permit to sell time shares, where one or more new component sites are added, not including the addition of units to a component site previously permitted............................................................................................................................. 500 For each annual renewal of a permit to sell time shares with only one component site 750 For each annual renewal of a permit to sell time shares with more than one component site 1,500 For each initial registration of a time-share resale broker............................... 300 For each renewal of the registration of a time-share resale broker................ 150 For each original and annual registration of a manager................................... 100 For each application for an original license as a sales agent.......................... 200 For each renewal of a license as a sales agent................................................... 200 For each penalty for a late renewal of a license as a sales agent.................... 100 For each registration of a time share exchange company................................ 500 For each conversion to an abbreviated registration....................................... 7,500 For each change of name or address of a licensee or status of a license......... 25 For each duplicate license, permit or registration where the original is lost or destroyed, and an affidavit is made thereof............................................................................................................................... 25 For each annual approval of a course of instruction offered in preparation for an original license or permit 150 For each original accreditation of a course of continuing education............. 150 For each renewal of accreditation of a course of continuing education.......... 75 2. Within 10 days after receipt of written notification from the Administrator of the approval of the application for a permit to sell time shares and before the issuance of the permit to sell time shares, or within 10 days after an amendment that adds time shares to the time-share plan is approved or deemed approved, each developer shall, for each time share that the developer includes in the initial time-share plan or adds to the time-share plan by amendment, pay a one-time fee of: (a) For each such time share up to and including 1,499 time shares, $3. (b) For each such time share over 1,499 time shares, $1.50. Ê For the purposes of calculating the amount of the fee payable under this subsection, “time share” means the right to use and occupy a unit for 7 days or more per calendar year. 3. In addition to the fees imposed by subsection 1, each applicant for the issuance or renewal of a license as a sales agent must pay to the Division a technology fee of $15. 4. Except as otherwise provided in subsection 3 of NRS 119A.205 , all fees collected by the Division pursuant to this section must be deposited for use by the Division in carrying out the provisions of this chapter. 5. Except for the fees relating to the registration of a representative and the technology fee imposed pursuant to subsection 3, the Administrator may reduce the fees established by this section if the reduction is equitable in relation to the costs of carrying out the provisions of this chapter. 6. The Division shall adopt regulations which establish the fees to be charged and collected by the Division to pay the costs of: (a) Any examination for a license, including any costs which are necessary for the administration of such an examination. (b) Any investigation of a person’s background.

Nev. Rev. Stat. § 119A.365 Disciplinary action for failure to pay money to Division.

In addition to any other remedy or penalty, the Administrator may: 1. Refuse to issue a license, permit, certificate or registration to a person who has failed to pay money which the person owes to the Division. 2. Refuse to renew, or suspend or revoke, the license, permit, certificate or registration of a person who has failed to pay money which the person owes to the Division.

Nev. Rev. Stat. § 119A.380 Requirements for time-share instruments.

1. Each time-share plan must be created by one or more time-share instruments. 2. A time-share instrument must provide: (a) A legal description and the physical address of the project; (b) The name of the time-share plan; (c) A system for establishing and identifying the time shares in the time-share plan; (d) For assessment of the expenses of the time-share plan and an allocation of those expenses among the time shares; (e) The voting rights which are assigned to each time share; (f) If applicable, the procedure to add units and other real estate to, and to withdraw units and other real estate from, the time-share plan, and the method of reallocating expenses among the time shares after any such addition or withdrawal; (g) The maximum number of time shares that may be created under the time-share plan; (h) For selection of the trustee for insurance which is required to be maintained by the association or the developer; (i) For maintenance of the units; (j) For management of the time-share plan; (k) A procedure to amend the time-share instrument; and (l) The rights of the purchaser relating to the occupancy of the unit. 3. A time-share instrument may provide for: (a) The developer’s reserved rights; (b) Cumulative voting, but only for the purpose of electing the members of the board; and (c) The establishment of: (1) Separate voting classes based on the size or type of unit to which the votes are allocated; and (2) A separate voting class for the developer during the period in which the developer is in control. 4. The provisions of a time-share instrument are severable. 5. The rule against perpetuities and NRS 111.103 to 111.1039 , inclusive, do not apply to defeat any provisions of a time-share instrument. 6. With respect to time-share plans governed by the law of another state or component sites of a time-share plan located outside of this State, the instrument creating and governing the time-share plans or such component sites must be in compliance with the applicable laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites are located. If the laws of the state or jurisdiction under which the time-share plan is formed or in which the component sites of such time-share plan are located conflict with the requirements of this chapter, the laws of the other state or jurisdiction control. If the time-share instrument provides for the matters set forth in subsections 1 and 2, the association and the developer shall be deemed to be in compliance with the requirements of this section and are not required to revise a time-share instrument to comply with this chapter.

Nev. Rev. Stat. § 119A.385 Description of time share.

A description of a time share is a legally sufficient description of the time share and all rights, obligations and interests appurtenant to that time share that were created by the time-share plan if the description includes, without limitation: 1. The name under which the time-share plan is registered with the Division; 2. The county in which the project is located; 3. Information which indicates where the time-share instruments are recorded; and 4. The permanent identifying number of the time share as set forth in the time-share instruments.

Nev. Rev. Stat. § 119A.390 Reservation to purchase time share.

A reservation to purchase a time share must: 1. Be on a form approved by the Division; 2. Include a provision which grants the prospective purchaser the right to cancel the reservation at any time before the execution of the contract of sale with the full refund of any deposit; 3. Provide for the placement of any deposit in escrow until a permit is issued by the Administrator pursuant to NRS 119A.320 ; 4. Guarantee the purchase price for the time share for a certain period after the issuance of the permit to sell time shares; and 5. Require that any interest earned on the deposit for the reservation be paid to the prospective purchaser.

Nev. Rev. Stat. § 119A.400 Prospective purchasers to be provided with public offering statement, addendum and permit.

1. Before the execution of any contract for the sale of a time share, the developer or, if the developer sells time shares through his or her project broker and sales agents, the project broker and sales agent, shall provide each prospective purchaser with: (a) A copy of the developer’s public offering statement which was approved by the Division pursuant to NRS 119A.307 and which must contain the date the developer’s permit was originally issued and the effective date of the permit; and (b) An addendum to the public offering statement summarizing any pending amendments to the public offering statement that have been submitted to the Division but have not yet been approved, along with a statement to the purchaser that the amendment has been submitted to the Division for approval. 2. The project broker or sales agent shall review the public offering statement with each prospective purchaser before the execution of any contract for the sale of a time share and obtain a receipt signed by the purchaser for a copy of the public offering statement. A prospective purchaser may request to receive the public offering statement in electronic format or paper format. If the prospective purchaser requests the public offering statement in electronic format, the developer shall provide to the purchaser the statement of the right of cancellation pursuant to NRS 119A.410 in a single separate document. 3. If a contract is signed by the purchaser, the signed receipt for a copy of the public offering statement must be kept by the project broker for 3 years and is subject to such inspections and audits as may be prescribed by regulations adopted by the Division.

Nev. Rev. Stat. § 119A.410 Right to cancel contract of sale.

1. The purchaser of a time share may cancel, by written notice, the contract of sale until midnight of the fifth calendar day following the date of execution of the contract. The contract of sale must include a statement of this right. 2. The right of cancellation may not be waived. Any attempt by the developer to obtain a waiver results in a contract which is voidable by the purchaser. 3. The notice of cancellation may be delivered personally to the developer, sent by certified mail, return receipt requested, or sent by express, priority or recognized overnight delivery service, with proof of service, to the business address of the developer. 4. The developer shall, within 20 days after receipt of the notice of cancellation, return all payments made by the purchaser.

Nev. Rev. Stat. § 119A.420 Deposits to be placed in escrow account; surety bond in lieu of escrow account.

All money, negotiable instruments or other deposits pertaining to the sale of a time share which are received from a purchaser must be placed in an escrow account established to the satisfaction of the Division and held until such time as the right to cancel the contract of sale pursuant to NRS 119A.410 has expired and the purchaser has failed to cancel the contract of sale. In lieu of placing such deposits in an escrow account, the developer or project broker may establish to the satisfaction of the Division that a surety bond has been posted for the benefit of purchasers in the project in the amount of: 1. Twenty-five thousand dollars; or 2. The highest monthly total amount of deposits received by a project broker, Ê whichever is greater.

Nev. Rev. Stat. § 119A.430 Requirements for closing of sale of time share.

The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that: 1. The project is free and clear of any blanket encumbrance; 2. Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser; 3. Title to the project has been conveyed to a trustee; 4. All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act; 5. The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that: (a) Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and (b) Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or 6. Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.

Nev. Rev. Stat. § 119A.450 Provision in contract relieving purchaser of obligation upon foreclosure of lien against project; prohibition against sale or pledge of notes or contracts of sale by defaulting developer.

1. A contract for the sale of a time share or any other evidence of an obligation to purchase a time share must provide in 12-point bold type that the purchaser is relieved of all obligations under the contract if his or her interests are defeated because of the foreclosure of liens against the project. The provisions of this subsection do not apply to any project which meets any one of the requirements of subsections 1 to 5, inclusive, of NRS 119A.430 . 2. If a developer or owner is in default on a blanket encumbrance, he or she may not sell or pledge any of the notes or contracts of sale given in payment of the time shares purchased from the developer or owner.

Nev. Rev. Stat. § 119A.460 Requirements for trusts.

If a trust is created pursuant to subsection 3 of NRS 119A.430, the: 1. Trustee must be approved by the Administrator. 2. Trust must be irrevocable, unless otherwise provided by the Administrator. 3. Trustee must not be permitted to encumber the property unless permission to do so has been given by the Administrator. 4. Association or each owner must be made a third-party beneficiary. 5. Trustee must be required to give at least 30 days’ notice in writing of his or her intention to resign to the association, if it has been formed, and to the Administrator, and the Administrator must approve a substitute trustee before the resignation of the trustee may be accepted.

Nev. Rev. Stat. § 119A.470 Conveyance of project to trustee before close of escrow for first sale.

1. If title to a project is conveyed to a trustee pursuant to subsection 3 of NRS 119A.430 , before escrow closes for the sale of the first time share, the developer must provide the Administrator with satisfactory evidence that: (a) Title to the project has been conveyed to the trustee. (b) All proceeds received by the developer from the sales of time shares are being delivered to the trustee and deposited in a fund which has been established to provide for the payment of any taxes, costs of insurance or the discharge of any lien recorded against the project. 2. The trustee shall pay the charges against the trust in the following order: (a) Trustee’s fees and costs. (b) Payment of taxes. (c) Payments due any holder of a lien recorded against the project. (d) Any other payments authorized by the document creating the trust. 3. The Administrator may inspect the records relating to the trust at any reasonable time.

Nev. Rev. Stat. § 119A.475 Action by purchaser or Administrator for misrepresentation or other violation.

1. Where any part of the statement of record, when that part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein, the Administrator or any person acquiring a time share from the developer or his or her agent during the period the public offering statement remained uncorrected (unless it is proved that at the time of the acquisition the Administrator or purchaser knew of the untruth or omission) may sue the developer in any court of competent jurisdiction. 2. Any developer or agent who sells a time share: (a) In violation of this chapter; or (b) By means of a public offering statement which contained an untrue statement of a material fact required to be stated therein, Ê may be sued by the Administrator or purchaser of the time share. 3. If a suit authorized under subsection 1 or 2 is brought by the purchaser, the purchaser is entitled to recover such damages as represent the difference between the amount paid for the time share and the reasonable cost of any permanent improvements thereto, and the lesser of: (a) The value thereof as of the time the suit was brought; (b) The price at which the time share has been disposed of in a bona fide market transaction before suit; or (c) The price at which the time share has been disposed of after suit in a bona fide market transaction but before judgment, Ê or to rescission of the contract of sale and the refund of any consideration paid by the purchaser. 4. If a suit authorized under subsection 1 or 2 is brought by the Administrator, the Administrator may seek a declaration of the court that any person entitled to sue the developer or his or her agent under this section is entitled to the right of rescission and the refund of any consideration paid by him or her. 5. Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment. 6. Reasonable attorney’s fees may be awarded to the prevailing party in any action brought under this section. Any action to rescind a contract of sale under this section must be brought within 1 year after the date of purchase or within 1 year after the date of the discovery of the misrepresentation giving rise to the action for rescission. 7. The provisions of this section are in addition to and not a substitute for any other right of a person to bring an action in any court for any act involved in the offering or sale of time shares or the right of the state to punish any person for any violation of any law.

Nev. Rev. Stat. § 119A.480 Requirements if developer holds leasehold interest.

1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that: (a) The lessee must give notice of termination of the lease for any default by the lessor to the association. (b) The lessor, upon any default of the lessee including bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as the lease with the developer. 2. The Administrator may require the developer to execute a bond or other type of security for the payment of the rental obligation.

Nev. Rev. Stat. § 119A.485 Developer to provide to board copy of approved public offering statement and amendments thereto.

The developer shall provide the board with a copy of the approved public offering statement and any amendments thereto, to be maintained by the association as part of the records of the time-share plan.

Nev. Rev. Stat. § 119A.495 Withdrawal of units from time-share plan; conditions of withdrawal; exceptions.

1. Except as otherwise provided in subsection 2, if a time-share instrument authorizes the developer to withdraw units from the time-share plan, any unit that is subject to withdrawal may not be withdrawn if a time share attributable to that unit is owned by a purchaser. 2. Any legally created units or parcels within a project may be withdrawn from the time-share plan by the developer if: (a) All remaining owners having an interest in the unit or parcel, if there are any such remaining owners, give written consent to the withdrawal; (b) The developer amends the time-share instrument which established the time-share plan to reduce the number of units or parcels included in the time-share plan by the number of units or parcels withdrawn pursuant to this subsection; (c) Any existing cost-sharing agreement between the developer and the association covering shared common areas or amenities is amended to reflect the reduction in the number of units or parcels included in the time-share plan as the result of the withdrawal of units or parcels pursuant to this subsection; and (d) A new cost-sharing agreement which covers any common areas or amenities that are shared by the remaining units or parcels within the time-share plan and the units or parcels withdrawn pursuant to this subsection and which allocates the shared costs proportionately between the developer and the association according to the number and size of the units withdrawn pursuant to this subsection is entered into between the developer and the association.

Nev. Rev. Stat. § 119A.497 Relocation of boundaries between adjoining units.

1. Except as otherwise provided in subsection 2 and subject to the provisions of the time-share instrument and other provisions of law, a developer may, with the prior approval of the Division, relocate the boundaries between adjoining units by amending the provisions of the time-share instrument and any recorded map or plat relating thereto. 2. A developer may relocate the boundaries between adjoining units without the prior approval of the Division if: (a) The relocation is necessary to comply with the law; or (b) No time share attributable to either of the adjoining units is owned by a purchaser.

Nev. Rev. Stat. § 119A.500 Partition of unit.

No action for partition of a unit may be maintained except as provided in the time-share instrument. If a time share is owned by two or more persons, an action may be brought for the judicial sale of the time share. A provision for the waiver or subordination of the right of partition or any other right characteristic of a tenancy in common is valid.

Nev. Rev. Stat. § 119A.510 Replacement or compensation if unit unavailable.

If a unit is unavailable for a period to which the owner is entitled by schedule or by confirmed reservation, the owner is entitled to be provided by the association: 1. A comparable unit; or 2. Monetary compensation for the loss of such use.

Nev. Rev. Stat. § 119A.515 Publication of information concerning owners: Maintenance of records; consent required; exceptions.

1. A manager or, if there is no manager, the board shall maintain in the records of an association a complete list of the names and mailing addresses of all owners. The list must be updated not less frequently than quarterly. 2. If a time-share plan is part of a common-interest community governed by chapter 116 of NRS, the names and addresses of delegates or representatives who are elected pursuant to NRS 116.31105 or, if there are none, the name and address of the association must appear on the list of owners of an association organized under NRS 116.3101 in lieu of the names, addresses and other personal information of the individual owners. 3. Notwithstanding any provision of the declaration or bylaws of a time-share plan to the contrary, a manager or a board may not, except as otherwise authorized or required by law, publish or furnish any information about any owner to any other owner or any other person without the prior written consent of the owner whose information is requested. 4. Before obtaining the written consent of an owner pursuant to subsection 3, a manager or a board shall provide the owner with: (a) The option to limit the information about the owner that may be published or furnished to any other owner or any other person: (1) To exclusively the owner’s name and mailing address; and (2) For use only in legitimate matters of business of the association. (b) The following written disclosure: BY GIVING YOUR CONSENT TO PUBLISH OR FURNISH INFORMATION ABOUT YOU FOR PURPOSES OTHER THAN LEGITIMATE MATTERS OF BUSINESS OF THE ASSOCIATION, THE INFORMATION COULD BE USED FOR COMMERCIAL OR OTHER PURPOSES. 5. The provisions of this section: (a) Do not restrict the use by a manager or a board of information about an owner in the performance of their respective duties under the declaration of a time share plan or as otherwise required by law. (b) Supersede any provisions of chapter 82 of NRS to the contrary.

Nev. Rev. Stat. § 119A.520 Members of association for time-share plan; incorporation of association; proxies.

1. Each owner is a member of the association for the time-share plan. The association may be incorporated. 2. The state of incorporation may be: (a) This state; (b) The state in which the project is located; or (c) Any state where the developer has obtained a permit to sell time shares under statutes which govern the sale of time shares. 3. The association may adopt and amend bylaws, rules and regulations. 4. Except as otherwise provided in NRS 82.321 , any proxy which is executed by an owner to an association is valid for an indefinite period if the owner may revoke his or her proxy, by written notice to the association, to vote at a particular meeting.

Nev. Rev. Stat. § 119A.522 Period of developer’s control of association; representation of owners on board.

1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person designated by the developer, may appoint and remove the officers of the association and the members of the board. Regardless of the period provided in the time-share instrument, the period of the developer’s control of the association terminates no later than: (a) One hundred and twenty days after conveyance of 80 percent of the time shares that may be created by the time-share instrument to owners other than the developer; (b) Five years after the developer has ceased to offer time shares for sale in the ordinary course of business; or (c) Five years after any right to add new time shares was last exercised, Ê whichever occurs earlier. 2. A developer may voluntarily surrender the right to appoint and remove officers and members of the board before the end of the period provided for in subsection 1 by executing and recording with the time-share instrument a written instrument declaring the surrender. If such an instrument is recorded, the developer may require that, for the duration of the period of the developer’s control, specified actions of the association or board, as described in the recorded instrument, be approved by the developer before they become effective. 3. Not later than 60 days after conveyance of 25 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, at least one member and not less than 25 percent of the members of the board must be elected by owners other than the developer. Not later than 60 days after conveyance of 50 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, not less than 33 1/3 percent of the members of the board must be elected by owners other than the developer.

Nev. Rev. Stat. § 119A.524 Reserved rights of developer.

A developer’s reserved rights may include, without limitation, the right to: 1. Add units or real estate to, and withdraw units or real estate from, a time-share plan. 2. Create units, a common area or a limited common area within the project. 3. Subdivide units or convert units into a common area. 4. Make and complete improvements to the project. 5. Maintain sales offices, management offices and signs for advertising the time-share plan, project and models. 6. Enter into a subsidy agreement with the association in lieu of paying the assessments allocated to the time shares owned by the developer. 7. Provide for the establishment of a master association, as defined in NRS 116.063 . 8. Merge or consolidate a time-share plan with another time-share plan which has the same form of ownership. 9. Relocate boundaries between adjoining units in accordance with the provisions of this chapter.

Nev. Rev. Stat. § 119A.525 Relocation of certain time shares by developer; conditions of relocation; recordation.

1. Any time share that is an undivided fee simple interest or leasehold interest in a unit or parcel on which units are located, and any time share that is a license, may be relocated to another unit or parcel on which units are located: (a) If the replacement unit or parcel: (1) Is within the same project and governed by the same time-share instrument as the original unit or parcel; (2) Provides the owner of the time share the opportunity to enjoy a substantially similar vacation experience as available with the original unit or parcel; and (3) Contains similar sleeping accommodations for at least the same number of persons as the original unit or original unit type within the parcel; (b) If there is to be no increase in the amount of the maintenance fees allocable to the time share to be relocated solely as the result of the relocation; (c) If a one-to-one use night to use right ratio is to be maintained after the relocation; (d) If the location and historical use of the time share to be relocated are considered in furthering the best interests of the owner with respect to the owner’s opportunity to use and enjoy the time-share plan; (e) If the time share is not a fixed-unit time share; and (f) If the time share is a fixed-week time share or the rights of use for the time share are within a particular season of the year, if use of the time share in the same fixed week or season is available to the owner of the time share after the relocation. 2. Relocation of a time share pursuant to this section only applies to a time share that is owned by the developer, unless the relocation is: (a) Approved by the vote or the written consent of members of the association, excluding the developer, constituting the minimum percentage of the voting power of the association which constitutes a quorum pursuant to NRS 82.291 ; and (b) Agreed to in writing by the developer. 3. The relocation of each time share pursuant to this section must be made by the recordation of an instrument signed by the developer that identifies: (a) The names of the record owners of each time share to be relocated; (b) The permanent identifying number, if any, of each time share; (c) A legal description of the unit or parcel and a description of the unit type of each time share to be relocated; and (d) A legal description of the unit or parcel and a description of the unit type to which each time share will be reassigned. 4. Upon recordation of the instrument described in subsection 3 and the mailing of the recorded instrument to the owner by certified mail, return receipt requested, to the last known address of the owner as shown in the records of the association, the owner of the time share identified in the recorded instrument shall be deemed to have no further right, title or interest in the unit or parcel originally conveyed or assigned to the owner. 5. For the purposes of this section, in determining whether the replacement unit or parcel “provides the owner of the time share the opportunity to enjoy a substantially similar vacation experience as available with the original unit or parcel,” the following factors must be considered with respect to the similarity of the replacement unit or parcel and the original unit or parcel: (a) Size; (b) Furnishings; (c) Reservation rights; (d) Standards of maintenance; and (e) Location, including scenery, topography and geographic location. 6. As used in this section: (a) “Fixed-unit time share” means a time share in which the owner’s rights of use are in a single designated unit. (b) “Fixed-week time share” means a time share in which the owner’s rights of use are within a certain week or weeks on a recurrent, periodic basis, and the weeks of use may rotate based on a fixed-week calendar. (c) “One-to-one use night to use right ratio” means that the sum of the number of nights that owners are entitled to use in a 12-month period does not exceed the number of nights available for use by those owners during that 12-month period. For the purposes of this paragraph: (1) No individual time-share unit may be counted as providing more than 365 nights of use per 12-month period or more than 366 nights of use per 12-month period that includes February 29; and (2) The rights of use of each owner must be counted without regard to whether that owner’s rights of use have been suspended as the result of the failure to pay assessments or for any other reason.

Nev. Rev. Stat. § 119A.526 Quorum.

1. Unless the bylaws of an association specify a larger percentage, a quorum is present throughout any meeting of the association if persons entitled to cast 10 percent of the votes that may be cast are present in person or by proxy at the beginning of the meeting. 2. Unless the bylaws of an association provide otherwise, a quorum shall be deemed to be present throughout a meeting of the board if persons entitled to cast a majority of the votes on that board are present at the beginning of the meeting.

Nev. Rev. Stat. § 119A.528 Removal of member of board; indemnification and defense of member of board.

1. Notwithstanding any provision of a time-share instrument or the bylaws of an association to the contrary, the owners, by a two-thirds vote of all persons present, in person or by proxy, who are entitled to vote at any meeting of the owners at which a quorum is present, may remove any member of the board, with or without cause, other than a member appointed by the developer. 2. If a member of the board is sued for liability for actions undertaken in his or her role as a member of the board, the association shall indemnify the member for his or her losses or claims, and undertake all costs of defense, unless it is proven that the member acted with willful or wanton misfeasance or with gross negligence. After such proof, the association is no longer liable for the costs of defense, and may recover from the member of the board who so acted, costs already expended. Members of the board are not personally liable to the victims of crimes occurring on the project. Punitive damages may not be recovered against the association, but may be recovered from persons whose activity gave rise to the damages.

Nev. Rev. Stat. § 119A.529 Solicitation of votes and proxies by owner; requirements for mailing by managers and boards.

1. A manager or, if there is no manager, the board shall: (a) Establish reasonable procedures by which owners may: (1) Solicit votes or proxies from other owners; and (2) Provide information to other owners with respect to legitimate matters of business of the association. (b) Mail to all persons included in the list of owners materials provided by an owner upon the request of that owner if the purpose of the mailing is to advance legitimate matters of business of the association, including, without limitation, a solicitation of a proxy for any purpose, provided that the owner who requests the mailing: (1) Provides to the manager or board a separate copy of the materials for each of the owners on the list or, if the mailing is to be transmitted electronically, a single copy of the materials in an electronic format; and (2) Pays the association the actual costs of the mailing before the mailing. 2. The board is responsible for determining whether a mailing requested pursuant to this section advances legitimate matters of business of the association. 3. The manager or board, as applicable, may determine the manner in which a mailing may be accomplished. 4. For the purposes of this section, “mail” and “mailing” include, without limitation, a distribution made by electronic or similar means, such as the transmission of electronic mail as defined in NRS 41.715 .

Nev. Rev. Stat. § 119A.530 Written agreement for management of time-share plan and project; disclosure of certain fees, compensation or other property by manager.

1. During any period in which the developer holds a valid permit and the developer or an affiliate of the developer is the manager, the developer or an affiliate of the developer shall provide for the management of the time-share plan and the project, by a written agreement with the association or, if there is no association, with the owners. The initial term of the agreement must expire upon the first annual meeting of the members of the association or at the end of 5 years, whichever comes first. All succeeding terms of the agreement must be renewed annually unless the manager refuses to renew the agreement or a majority of the members of the association who are entitled to vote, excluding the developer, notifies the manager of its refusal to renew the agreement. 2. The agreement must provide that: (a) The manager or a majority of the owners may terminate the agreement for cause. (b) The resignation of the manager will not be accepted until 90 days after receipt by the association, or if there is no association, by the owners, of the written resignation. (c) A fidelity bond must be delivered by the manager to the association. 3. An agreement entered into or renewed on or after October 1, 2001, must contain a detailed, itemized schedule of all fees, compensation or other property that the manager is entitled to receive for services rendered to the association or any member of the association or otherwise derived from the manager’s affiliation with the time-share plan or the project, or both. The manager shall disclose to the association annually and make available electronically to an owner upon request a report describing all fees, compensation or other property that the manager is entitled to receive for services rendered to the association or any member of the association or otherwise derived from the manager’s affiliation with the time-share plan or the project, or both. 4. Except as otherwise provided in this subsection, if the developer retains a property interest in the project, the parties to such an agreement must include the developer, the manager and the association. In addition to the provisions required in subsections 1 and 2, the agreement must provide: (a) That the project will be maintained in good condition. Except as otherwise provided in this paragraph, any defect which is not corrected within 10 days after notification by the developer may be corrected by the developer. In an emergency situation, notice is not required. The association must repay the developer for any cost of the repairs plus the legal rate of interest. Each owner must be assessed for his or her share of the cost of repairs. (b) That, if any dispute arises between the developer and the manager or association, either party may request from the American Arbitration Association or the Nevada Arbitration Association a list of seven potential fact finders from which one must be chosen to settle the dispute. The agreement must provide for the method of selecting one fact finder from this list. (c) For the collection of assessments from the owners to pay obligations which may be due to the developer for breach of the covenant to maintain the premises in good condition and repair. Ê If the developer is not made a party to this agreement, the developer shall be considered to be a third-party beneficiary of such an agreement. 5. The provisions of this section and NRS 119A.532 and 119A.534 do not apply to the management of a project located outside of this State.

Nev. Rev. Stat. § 119A.532 Registration of managers; form for registration; fee. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]

1. A person who wishes to engage in the business of, act in the capacity of, advertise or assume to act as a manager of a project located in this State shall register with the Division on a form prescribed by the Division. 2. The form for registration must include, without limitation: (a) The registered name of each time-share plan or project, or both, that the manager will manage; (b) The address and telephone number of the manager’s principal place of business; (c) The social security number of the manager; and (d) The name of the manager’s responsible managing employee. 3. The form for registration must be accompanied by: (a) Satisfactory evidence, acceptable to the Division, that the manager and his or her employees have obtained fidelity bonds in accordance with regulations adopted by the Division; and (b) The statement required pursuant to NRS 119A.263 . 4. The Division shall collect the fee specified in NRS 119A.360 upon registering the manager and annually thereafter to maintain the registration. 5. As used in this section, “responsible managing employee” means the person designated by the manager to: (a) Make technical and administrative decisions in connection with the manager’s business; and (b) Hire, superintend, promote, transfer, lay off, discipline or discharge other employees or recommend such action on behalf of the manager.

Nev. Rev. Stat. § 119A.533 Renewal of registration of managers: Application for renewal of registration to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

1. In addition to any other requirements set forth in this chapter, an applicant for the renewal of registration with the Division to engage in the business of, act in the capacity of, advertise or assume to act as a manager must indicate in the application submitted to the Division whether the applicant has a state business license. If the applicant has a state business license, the applicant must include in the application the business identification number assigned by the Secretary of State upon compliance with the provisions of chapter 76 of NRS. 2. Registration to engage in the business of, act in the capacity of, advertise or assume to act as a manager may not be renewed by the Division if: (a) The applicant fails to submit the information required by subsection 1; or (b) The State Controller has informed the Division pursuant to subsection 5 of NRS 353C.1965 that the applicant owes a debt to an agency that has been assigned to the State Controller for collection and the applicant has not: (1) Satisfied the debt; (2) Entered into an agreement for the payment of the debt pursuant to NRS 353C.130 ; or (3) Demonstrated that the debt is not valid. 3. As used in this section: (a) “Agency” has the meaning ascribed to it in NRS 353C.020 . (b) “Debt” has the meaning ascribed to it in NRS 353C.040 .

Nev. Rev. Stat. § 119A.534 Disclosure statement to be submitted by certain managers; regulations.

1. A manager of a project located in this State who enters into or renews an agreement that must comply with the provisions of subsection 3 of NRS 119A.530 shall submit to the association and to the Division a disclosure statement that contains a description of any arrangement made by the manager or an affiliate of the manager relating to: (a) The resale of time shares on behalf of the association or its members; (b) Actions taken for the collection of assessments and the foreclosure of liens on behalf of the association or its members; (c) The exchange or rental of time shares owned by the association or its members; and (d) The use of the names of the members of the association for purposes unrelated to the duties of the association as set forth in the time-share instrument and this chapter. 2. The disclosure statement must be: (a) Submitted annually at a time designated by the Administrator and at least 120 days before any date on which the agreement is automatically renewed. (b) Signed by the manager or an authorized representative of the manager under penalty of perjury. 3. The Administrator shall adopt regulations prescribing the form and contents of the disclosure statements required by this section.

Nev. Rev. Stat. § 119A.540 Annual budget; assessments for unsold time shares.

1. The association or, if there is no association, the developer shall adopt an annual budget for revenues, expenditures and reserves and collect assessments for the expenses of the time-share plan and the project from the owners. The annual budgets of an association governing a project within this State must be submitted to the Division until such time as the association is controlled by members other than the developer. 2. The association or the developer shall place any money collected for assessments and any other revenues received by or on behalf of the association in an account established by the association. 3. The developer shall pay assessments for any time shares which are unsold or enter into an agreement with the association, in a form approved by the Division, to pay the difference between the actual expenses incurred by the association and the sum of the amounts payable to the association as assessments by owners, other than the developer, and other revenues received by the association. The Division may require the developer to provide a surety bond or other form of security which is satisfactory to the Division, to guarantee payment of the developer’s obligation.

Nev. Rev. Stat. § 119A.542 Conduct and contents of study of reserves; review of study and necessary adjustments to reserves; regulations.

1. The developer or board of an association shall: (a) Cause to be conducted at least once every 5 years, a study of the reserves required to repair, replace and restore the major components of the project; (b) Review the results of that study at least annually to determine if those reserves are sufficient; and (c) Make any adjustments it deems necessary to maintain the required reserves. 2. The study required by subsection 1 must be conducted by a person qualified by training and experience to conduct such a study, including a member of the board or the manager of the time-share plan or the project, or both, who is so qualified. The study must include, without limitation: (a) A summary of an inspection of the major components of the project; (b) An identification of the major components of the project which have a remaining useful life of less than 30 years; (c) An estimate of the remaining useful life of each major component identified pursuant to paragraph (b); (d) An estimate of the cost of repair, replacement or restoration of each major component identified pursuant to paragraph (b) during and at the end of its useful life; and (e) An estimate of the total annual assessment that may be required to cover the cost of repairing, replacing or restoring the major components identified pursuant to paragraph (b), after subtracting the reserves of the association as of the date of the study. 3. The Administrator shall adopt by regulation the qualifications required for conducting a study required by subsection 1.

Nev. Rev. Stat. § 119A.550 Assessment upon time share; notice of assessment; liens; enforcement of liens.

1. The developer or the association may levy and enforce a reasonable assessment upon any time share in accordance with the time-share instrument, which is a debt of the owner thereof at the time the assessment is made. The amount of the assessment plus any other charges thereon, such as interest, costs, attorney’s fees and penalties, as may be provided for in the time-share instrument is a lien upon the time share assessed when the developer or the association causes to be recorded with the county recorder of the county in which the project is located a notice of assessment, which must state: (a) The amount of the assessment and such other charges thereon as may be authorized by the time-share instrument; (b) A description of the time share against which the lien has been assessed; and (c) The name of the owner. Ê The notice must be signed by an authorized representative of the developer or the association or as otherwise provided in the time-share instrument. Upon payment of the assessment and charges in connection with which the notice has been so recorded, or other satisfaction thereof, the developer or the association shall cause to be recorded a further notice stating the satisfaction and the release of the lien thereof. 2. The lien is prior to all other liens recorded after the recordation of the notice of assessment except that the time-share instrument may provide for the subordination thereof to any other liens and encumbrances. Unless sooner satisfied and released or the enforcement thereof initiated as provided in subsection 3, the lien expires and has no further force or effect 1 year after the date of recordation of the notice of assessment, but the 1-year period may be extended by the developer or the association for a period not to exceed 1 additional year by recording a written extension thereof. 3. The lien may be enforced by sale by the developer or the association, its agent or attorney, after failure of the owner to pay such an assessment in accordance with the terms of the time-share instrument. The sale must be conducted in accordance with the provisions of Covenants Nos. 6, 7 and 8 of NRS 107.030 , and NRS 107.090 insofar as they are consistent with the provisions of NRS 119A.560 , or in any other manner permitted by law. Unless otherwise provided in the time-share instrument, the developer or the association, if it is a corporation, cooperative association, partnership or natural person, may bid at foreclosure sale and hold, lease, mortgage and convey the time share.

Nev. Rev. Stat. § 119A.552 Statement of unpaid assessments.

An association, upon the receipt of a written request, shall furnish to an owner or any lender who has a security interest in a time share or the project, a statement setting forth the amount of unpaid assessments made against the owner’s time share. The statement must be furnished within 10 business days after receipt of the request and is binding on the association, the board and every owner.

Nev. Rev. Stat. § 119A.560 Power of sale; notice of sale.

1. The power of sale may not be exercised until: (a) The developer or the association, its agent or attorney has first executed and caused to be recorded with the recorder of the county wherein the project is located a notice of default and election to sell the time share or cause its sale to satisfy the assessment lien; and (b) The owner or his or her successor in interest has failed to pay the amount of the lien, including costs, fees and expenses incident to its enforcement for 60 days computed as prescribed in subsection 2. 2. The 60-day period provided in subsection 1 begins on the first day following the day upon which the notice of default and election to sell is recorded and a copy of the notice is mailed by certified or registered mail with postage prepaid to the owner or to his or her successor in interest at the owner’s address if that address is known, otherwise to the address of the project. The notice must describe the deficiency in payment. 3. The developer or the association, its agent or attorney shall, after expiration of the 60-day period and before selling the time share, give notice of the time and place of the sale in the manner and for a time not less than that required for the sale of real property upon execution, except that: (a) A copy of the notice of sale must be mailed on or before the first publication or posting required by NRS 21.130 by certified or registered mail with postage prepaid to the owner or to his or her successor in interest at the owner’s address if that address is known, otherwise to the address of the project; and (b) In lieu of publishing a copy of the notice of sale in a newspaper pursuant to the provisions of NRS 21.130 , the notice of sale may be given by posting a copy of the notice and a declaration pursuant to NRS 53.045 on a form prescribed by the Division pursuant to subsection 6 for 3 successive weeks on an Internet website and publishing three times, once a week for 3 successive weeks, in a newspaper, if there is one in the county, a statement in at least 10-point bold type, which includes, without limitation: (1) A statement that the notice of sale for the foreclosure of the time share is posted on an Internet website; (2) The Internet address where the notice is posted; (3) The name of the record owner and the permanent identification number of each time share; (4) The name and street address of the property in which the time share is located; and (5) A statement of the date, time and place of the sale. Ê A statement published in a newspaper pursuant to this paragraph may include the information required for a notice of sale for one or more time shares. 4. The sale may be made at the office of the developer or the association if the notice so provided, whether the project is located within the same county as the office of the developer or the association or not. 5. Every sale made under the provisions of NRS 119A.550 vests in the purchaser the title of the owner without equity or right of redemption. 6. The Division shall prepare a form for a declaration pursuant to NRS 53.045 that a developer or association must post on an Internet website with a notice of sale pursuant to paragraph (b) of subsection 3.

Nev. Rev. Stat. § 119A.570 Insurance.

1. The developer or the association, if it has been formed, shall maintain: (a) Property insurance on the project and any personal property available for use by the owners in conjunction therewith, other than personal property separately owned by an owner, insuring against all risks of direct physical loss commonly insured against, with a provision agreed to by the lender, that the proceeds must be disbursed for the repair or restoration of the property, and that the owners and lienholders are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the property has been completely repaired or restored; (b) Liability insurance, including insurance for medical payments, in an amount not less than $1,000,000 per occurrence, covering all occurrences commonly insured against for death, bodily injury and property damage arising out of or in connection with the use, ownership or maintenance of the time-share property and units; and (c) Insurance covering the costs of temporary quarters for the owners and other losses commonly insured against. 2. Each insurance policy carried pursuant to subsection 1 must provide that: (a) Each owner is an insured person under the policy whether designated as an insured by name individually or as part of a named group or otherwise, as the owner’s interest may appear; (b) The insurer waives its right to subrogation under the policy against any owner or members of his or her household; and (c) No act or omission by any owner, unless acting within the scope of his or her authority on behalf of an association, will void the policy or be a condition to recovery by any other person under the policy.

Nev. Rev. Stat. § 119A.580 Consent required for liens for labor, services or materials; when consent deemed given.

No labor performed or services or materials furnished with the consent of or at the request of an owner may be the basis for the filing of a lien against the time share of any other owner, or against any part thereof, or against any other property of any other owner, unless the other owner has expressly consented to or requested the performance of such labor or furnishing of such materials or services. Express consent shall be deemed to have been given by the owner of any time share in the case of emergency repairs thereto. Labor performed or services or materials furnished for the insured property, if authorized by the association and provided for in the time-share instrument, shall be deemed to be performed or furnished with the express consent of each owner. An owner may remove his or her time share from a lien against two or more time shares or any part thereof by payment to the holder of the lien of the fraction of the total sum secured by such lien which is attributable to his or her time share.

Nev. Rev. Stat. § 119A.590 Information to be furnished to purchasers by developer.

1. A developer who offers a program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, shall give to the purchaser the following information: (a) The name and address of the company offering the program. (b) The names of the officers, directors and shareholders owning at least 5 percent of the outstanding stock of that company. (c) A statement indicating whether the company or any of its officers or directors has any legal or beneficial interest in any interest of the developer or managing agent in any time-share plan included in the program and, if so, the name, location and nature of the interest. (d) A statement that the purchaser’s contract with the company is a contract separate and distinct from the contract to purchase the time share, unless the company and the developer or an affiliate of the developer are the same. (e) A statement indicating whether the purchaser’s participation in the program is dependent upon the continued inclusion of the time-share plan in the program. (f) A statement indicating whether the purchaser’s membership or participation in the program is voluntary or mandatory. (g) A complete and accurate description of: (1) The terms and conditions of the purchaser’s contractual relationship with the company and the procedure by which changes thereto may be made. (2) The procedure to qualify for and make exchanges. (3) All limitations, restrictions or priorities of the program, including, but not limited to, limitations on exchanges based on the seasons of the year, the size of units or levels of occupancy, printed in boldface type, and, if such limitations, restrictions or priorities are not uniformly applied by the program, a clear description of the manner in which they are applied. (h) A statement indicating whether exchanges are arranged on the basis of available space and whether there are any guarantees of fulfilling specific requests for exchanges. (i) A statement indicating whether and under what circumstances an owner, in dealing with the company, may lose the right to use and occupy a unit in any properly applied for exchange without being provided with substitute accommodations by the company. (j) The fees to be paid by owners in the program, including a statement indicating whether any fees may be changed by the company and, if so, the circumstances under which those changes may be made. (k) The name and address of the site of each project included in the program. (l) The number of units in each time-share plan included in the program which are available for occupancy, expressed in numerical groupings of from 1 to 5, 6 to 10, 11 to 20, 21 to 50 and over 50. (m) The number of owners with respect to each time-share plan or other property who are eligible to participate in the program, expressed in numerical groupings of from 1 to 100, 101 to 249, 250 to 499, 500 to 999 and at least 1,000, and a statement of the criteria used to determine those owners who are eligible to participate in the program. (n) The disposition made by the company of time shares deposited with the program by owners who are eligible to participate in the program and not used by the company in effecting exchanges. (o) An annual report completed on or before July 1 of the succeeding year which must be independently certified by a certified public accountant or accounting firm in accordance with the standards of the Accounting Standards Board of the American Institute of Certified Public Accountants, as those standards exist on May 19, 1983. The report must include: (1) The number of owners who are enrolled to participate in the program, including an indication of whether the relationship between the company and the owners is based on the payment of a fee or is gratuitous. (2) The number of time-share plans included in the program, categorized by those plans which are the subject of a contract between the developer or the association and the company and those plans which are the subject of a contract between the company and owners directly. (3) The number of time shares for which the company has an outstanding obligation to provide an exchange to an owner who relinquished a time share during the year in exchange for a time share in any future year. (4) The number of exchanges confirmed by the company during the year. 2. The information required by subsection 1 must be delivered to the purchaser before the execution of any contract between the purchaser and the company or the contract to purchase the time share. 3. Upon receipt of the information, the purchaser shall certify in writing that the purchaser has received the information from the developer. 4. Except as otherwise provided in this subsection, the information required by subsection 1 must be periodically revised to reflect any material changes in that information. The information required by paragraphs (b), (c), (k), (l), (m) and (o) of subsection 1 must be consistent with the latest audited statement of the company which is prepared not more than 18 months before the information is delivered.

Nev. Rev. Stat. § 119A.600 Information to be furnished by company offering program.

If a company intends to offer a program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, directly to a purchaser or owner, the company shall deliver to him or her, before the offering or the execution of any contract between the purchaser or owner and the company offering the program, the information set forth in subsection 1 of NRS 119A.590. The requirements of this section do not apply to any renewal of a contract between an owner and such a company.

Nev. Rev. Stat. § 119A.620 Information to be furnished to Division and secretary of association; liability for information and representations.

1. A company whose program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, is offered to purchasers of time shares in this state shall, on or before July 1 of each year, file with the Division and secretary of the association the information required by subsection 1 of NRS 119A.590 as it relates to that plan. 2. No developer is liable for the use, delivery or publication of information provided to it by the company. 3. Except as otherwise provided in this subsection, no company is liable for: (a) Any representation made by the developer relating to the program or company. (b) The use, delivery or publication by the developer of any information relating to the program or company. Ê Such a company is liable only for the written information provided to the developer by the company.

Nev. Rev. Stat. § 119A.630 Administrator to appoint hearing officer.

For any proceeding held pursuant to a provision of this chapter, except a hearing to impose a fine or revoke, suspend or deny the renewal of a license or permit, the Administrator may appoint a hearing officer from the staff of the Department of Business and Industry who shall act as his or her agent and conduct any hearing or investigation which may be conducted by the Administrator pursuant to this chapter. The Administrator shall appoint a hearing officer to conduct a hearing to impose a fine or revoke, suspend or deny the renewal of a license or permit.

Nev. Rev. Stat. § 119A.640 Powers of Administrator or hearing officer.

The Administrator or his or her hearing officer may: 1. Take testimony and other evidence concerning all matters within the jurisdiction of the Division pursuant to this chapter; 2. Administer oaths; 3. Certify to all official acts; and 4. For cause, issue subpoenas for the attendance of witnesses and the production of books and papers.

Nev. Rev. Stat. § 119A.650 District court to enforce Administrator’s subpoenas.

1. The district court in the county in which a hearing is to be held may compel the attendance of witnesses, the giving of testimony and the production of books and papers as requested by any subpoena issued by the Administrator. 2. If a witness refuses to attend, testify or produce any papers required by a subpoena, the Administrator may report to the district court in the county in which the hearing is pending by petition, setting forth that: (a) Due notice has been given of the time and place of attendance of the witness or the production of the books and papers; (b) The witness has been subpoenaed in the manner prescribed in this chapter; and (c) The witness has failed and refused to attend or produce the papers required by subpoena before the Administrator in the cause or proceeding named in the subpoena or has refused to answer questions propounded to the witness in the course of the hearing, and asking an order of the court compelling the witness to attend and testify or produce the books or papers before the Administrator. 3. The court, upon petition of the Administrator, may enter an order directing the witness to appear before the court at a time and place to be fixed by the court in the order. The time fixed must not be more than 10 days after the date of the order. The order must command the witness to show cause why the witness has not attended, testified or produced the books or papers before the Administrator. A certified copy of the order must be served upon the witness. If it appears to the court that the subpoena was regularly issued by the Administrator, the court may enter an order that the witness appear before the Administrator at the time and place fixed in the order and testify or produce the required books or papers. If the witness fails or refuses to obey the order, the witness may be held in contempt of court.

Nev. Rev. Stat. § 119A.652 Inspections by Division; penalty for failure to cooperate; regulations.

1. The Division shall regularly inspect the files of transactions, records of trusts and relevant accounts of all project brokers and developers. 2. If a project broker or developer fails to allow or cooperate fully with such an inspection, the Division may: (a) Impose a fine or suspend or revoke the license or permit of the project broker or developer; or (b) Deny the renewal of the license of the project broker. 3. The Division shall adopt regulations specifying the procedure for such inspections.

Nev. Rev. Stat. § 119A.653 Confidentiality of records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records.

1. Except as otherwise provided in this section and NRS 239.0115 , a complaint filed with the Division alleging a violation of this chapter, all documents and other information filed with the complaint and all documents and other information compiled as a result of an investigation conducted to determine whether to initiate disciplinary action are confidential and may be disclosed in whole or in part only as necessary in the course of administering this chapter or to a licensing board or agency or any other governmental agency, including, without limitation, a law enforcement agency, that is investigating a person who holds a license, registration or permit issued pursuant to this chapter. 2. The complaint or other charging documents filed with the Administrator to initiate disciplinary action and all documents and other information considered by the Administrator or a hearing officer when determining whether to impose discipline are public records.

Nev. Rev. Stat. § 119A.654 Disciplinary action against developer.

The Administrator may impose a fine or suspend, revoke, deny the renewal of or place conditions upon the permit of a developer at any time if the developer: 1. Obtained the permit by false or fraudulent representation; or 2. Violates any of the terms or conditions of the permit, the provisions of this chapter or the regulations adopted pursuant thereto.

Nev. Rev. Stat. § 119A.655 Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Complaint; hearing; notice.

1. The procedure set forth in this section must be followed before the Administrator or Division imposes a fine or revokes, suspends or denies the renewal of any license or permit issued pursuant to this chapter. 2. Upon the initiation of a complaint by the Administrator, the matter must be set for a hearing by the Administrator, who shall schedule a hearing before the hearing officer, and the licensee or permittee is entitled to be heard thereon in person or by counsel. 3. The hearing officer shall hold the hearing within 90 days after the filing of a complaint by the Administrator. The time of the hearing may be continued at the discretion of the hearing officer, upon the written request of the licensee or permittee or of the Administrator for good cause shown. 4. The licensee or permittee must be given at least 30 days’ notice in writing by the Administrator of the date, time and place of the hearing together with a copy of the complaint and copies of all communications, reports, affidavits or depositions in possession of the Division relevant to the complaint. The Administrator may present evidence obtained after the notice only if the Administrator shows that the evidence was not available after diligent investigation before the time notice was given to the licensee or permittee and that the evidence was given or communicated to the licensee or permittee immediately after it was obtained. 5. Notice is complete upon delivery personally to the licensee or permittee or upon mailing by certified mail to the last known address of the licensee or permittee. If the licensee is a sales agent, the Administrator shall also notify the broker with whom the licensee is associated, or the developer by whom the licensee is employed, by mailing an exact statement of the charges and the date, time and place of the hearing by certified mail to the developer’s or broker’s last known address.

Nev. Rev. Stat. § 119A.656 Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Answer; limitation on proceeding.

1. Within 20 days after service of the notice upon him or her, the licensee or permittee shall file an answer to the charges with the Division. The answer must contain an admission or denial of the allegations contained in the complaint and any defenses upon which the licensee or permittee will rely. 2. The answer may be served by delivery to the Administrator, or by mailing the answer by certified mail to the principal office of the Division. 3. No proceeding to impose a fine or suspend, revoke or deny the renewal of any license or permit may be maintained unless it is commenced by the giving of notice to the licensee or permittee within 3 years after the time of the act charged, whether of commission or omission, except: (a) If the charges are based upon a failure to disclose or misrepresentation, the period does not commence until the discovery of facts which do or should lead to the discovery of the failure to disclose or misrepresentation; and (b) Whenever any action or proceeding is instituted to which the Division, licensee or permittee is a party and which involves the conduct of the licensee or permittee in the transaction with which the charges are related, the running of the 3-year period with respect to the institution of a proceeding under this chapter to impose a fine or suspend, revoke or deny the renewal of the license or permit is suspended during the pendency of the action or proceeding.

Nev. Rev. Stat. § 119A.657 Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Decision of hearing officer.

1. The hearing officer shall render a decision on any complaint within 60 days after the final hearing thereon and shall give notice in writing of the ruling or decision to the applicant, licensee or permittee affected thereby by certified mail to the last known address of the person to whom the notice is sent. 2. If the ruling is adverse to the licensee or permittee, the hearing officer shall also state in the notice the date upon which the ruling or decision becomes effective, which date must not be less than 30 days after the date of the notice. 3. The decision of the hearing officer may not be stayed by any appeal unless the district court so orders upon motion of the licensee or permittee, notice to the Division of the motion and opportunity for the Division to be heard. 4. An appeal from a decision of the district court affirming the imposition of a fine or the revocation, suspension or denial of the renewal of a license or permit does not stay the order of the hearing officer unless the district or appellate court upon petition of the licensee or permittee after notice and hearing orders such stay, and upon the filing of a bond for costs in the amount of $1,000.

Nev. Rev. Stat. § 119A.658 Procedure for imposing fine or revoking, suspending or denying renewal of license or permit: Appeal of decision of hearing officer.

1. A ruling or decision of the hearing officer in any disciplinary action is final when in favor of the licensee or permittee. 2. If a ruling or decision is against the licensee or permittee, the licensee or permittee may within 30 days after the date of the decision appeal therefrom to the district court for the county in which the party adversely affected by the decision resides or has his or her place of business under the terms of this chapter, by filing in the district court and serving upon the Administrator personally or by certified mail a notice of the appeal, a written petition for review and a demand in writing for a certified transcript and copies of all the papers on file in the office of the Division affecting or relating to the decision and the evidence taken at the hearing. Thereupon, the Division shall, within 30 days, make and certify the transcript and the copies and file them with the clerk of the court. The petition for review need not be verified but must set forth in specific detail any ground for the appeal, including any errors which the licensee or permittee contends that the hearing officer committed at the hearing. 3. The appellant’s opening brief must be filed in the district court within 30 days after the date on which the transcript is filed with the court. The respondent’s answering brief must be filed within 30 days after the appellant’s opening brief is filed. If the appellant chooses to file a reply brief, it must be filed within 10 days after the respondent’s answering brief is filed. Failure to file a brief within the time prescribed in this section constitutes a waiver of the right to file that brief, unless the court grants an extension for good cause shown. 4. The burden of proof in the appeal is on the appellant. The court shall consider the action of the Administrator upon which the decision of the hearing officer was based, and is limited solely to a consideration and determination of the question of whether there has been an abuse of discretion on the part of the Administrator in making that decision.

Nev. Rev. Stat. § 119A.659 Expiration, revocation or surrender of license or permit does not prohibit disciplinary action against holder thereof.

The expiration or revocation of a license or permit by operation of law or by order or decision of a hearing officer or a court of competent jurisdiction, or the voluntary surrender of a license or permit by a sales agent, project broker or developer does not: 1. Prohibit the Administrator, Division or Real Estate Commission from initiating or continuing an investigation of, or action or disciplinary proceeding against, the sales agent, project broker or developer; or 2. Prevent the imposition or collection of any fine or penalty authorized pursuant to the provisions of this chapter against the sales agent, project broker or developer.

Nev. Rev. Stat. § 119A.660 Enforcement of chapter and protection of purchasers by Administrator.

1. Whenever the Administrator believes that any person has violated any order, regulation, permit, decision, demand or requirement, or any of the provisions of this chapter, the Administrator may bring an action in the district court in the county in which the person resides or maintains his or her principal place of business or, if the person resides outside the State, in any court of competent jurisdiction within or outside the State, against the person to enjoin the person from continuing the violation. 2. The Administrator may intervene in any action involving a time-share plan, a project or a time share if intervention is necessary in the public interest and for the protection of purchasers.

Nev. Rev. Stat. § 119A.665 Appointment of receiver.

1. When the Administrator ascertains that an association or a developer, if there is no association, is insolvent or in imminent danger of insolvency, or the association’s or developer’s affairs are being mismanaged, the Administrator may file a complaint in the district court of the county in which the principal office of the association or developer is located for the appointment of a receiver. 2. Upon appointment, the receiver shall take possession of all the property, business and assets of the association or developer which are located within this state and retain possession of them until further order of the court. The receiver shall make or cause to be made an inventory of the assets and known liabilities of the association or developer. Upon approval of the court, the receiver shall take such other actions as appear necessary and reasonable for the conduct of the business of the association or developer. 3. The inventory made by the receiver and all claims filed by creditors are open at all reasonable times for inspection and any action taken by the receiver upon any of the claims is subject to the approval of the court before which the cause is pending. 4. The expenses of the receiver and compensation of counsel, as well as all expenditures required in any liquidation proceeding, must be fixed by the receiver, subject to the approval of the court, and, upon certification of the receiver, must be paid out of the assets he or she controls as receiver.

Nev. Rev. Stat. § 119A.670 Action by Real Estate Commission against project broker or supervising licensee.

The Real Estate Commission may take action pursuant to NRS 645.630 against any project broker or person who is licensed pursuant to chapter 645 of NRS and who is subject to the provisions of this chapter who fails to adequately supervise the conduct of any sales agent or representative with whom the project broker or person is associated.

Nev. Rev. Stat. § 119A.675 Administrative fine for engaging in certain conduct without license, permit, certificate, registration or authorization; procedure for imposition of fine; judicial review; exceptions.

1. In addition to any other remedy or penalty, the Administrator may impose an administrative fine against any person who knowingly: (a) Engages or offers to engage in any activity for which a license, permit, certificate or registration or any type of authorization is required pursuant to this chapter, or any regulation adopted pursuant thereto, if the person does not hold the required license, permit, certificate or registration or has not been given the required authorization; or (b) Assists or offers to assist another person to commit a violation described in paragraph (a). 2. If the Administrator imposes an administrative fine against a person pursuant to this section, the amount of the administrative fine may not exceed the amount of any gain or economic benefit that the person derived from the violation or $5,000, whichever amount is greater. 3. In determining the appropriate amount of the administrative fine, the Administrator shall consider: (a) The severity of the violation and the degree of any harm that the violation caused to other persons; (b) The nature and amount of any gain or economic benefit that the person derived from the violation; (c) The person’s history or record of other violations; and (d) Any other facts or circumstances that the Administrator deems to be relevant. 4. Before the Administrator may impose the administrative fine, the Administrator must provide the person with notice and an opportunity to be heard. 5. The person is entitled to judicial review of the decision of the Administrator in the manner provided by chapter 233B of NRS. 6. The provisions of this section do not apply to a person who engages or offers to engage in activities within the purview of this chapter if: (a) A specific statute exempts the person from complying with the provisions of this chapter with regard to those activities; and (b) The person is acting in accordance with the exemption while engaging or offering to engage in those activities.

Nev. Rev. Stat. § 119A.677 Application or registration must not be denied based solely on immigration or citizenship status; use of alternative personally identifying number; disclosure of social security number or personally identifying number prohibited; confidentiality of social security number or alternative personally identifying number.

1. The Administrator or the Division, as applicable, shall not deny the application of a person for a sales agent’s license pursuant to NRS 119A.210 , a registration as a representative pursuant to NRS 119A.240 or a registration as a manager of a project pursuant to NRS 119A.532 based solely on his or her immigration or citizenship status. 2. Notwithstanding the provisions of NRS 119A.210 , 119A.240 and 119A.532 , an applicant for a sales agent’s license or a registration as a representative or a manager of a project who does not have a social security number must provide an alternative personally identifying number, including, without limitation, his or her individual taxpayer identification number, when completing an application. 3. The Administrator or the Division, as applicable, shall not disclose to any person who is not employed by the Administrator or the Division the social security number or alternative personally identifying number, including, without limitation, an individual taxpayer identification number, of an applicant for a license for any purpose except: (a) Tax purposes; (b) Licensing purposes; and (c) Enforcement of an order for the payment of child support. 4. A social security number or alternative personally identifying number, including, without limitation, an individual taxpayer identification number, provided to the Administrator or the Division, as applicable, is confidential and is not a public record for the purposes of chapter 239 of NRS.

Nev. Rev. Stat. § 119A.680 Acting as project broker, supervising licensee, sales agent, representative, manager or time-share resale broker without license or registration.

1. It is unlawful for any person to engage in the business of, act in the capacity of, advertise or assume to act as a: (a) Project broker, a person who is licensed pursuant to chapter 645 of NRS or a time-share resale broker within the State of Nevada without first obtaining a license from the Division pursuant to chapter 645 of NRS. (b) Sales agent for a project broker within the State of Nevada without first obtaining a license from the Division pursuant to NRS 119A.210 , unless he or she is licensed as a real estate salesperson pursuant to chapter 645 of NRS. (c) Representative, manager or time-share resale broker within the State of Nevada without first registering with the Division. 2. Any person who violates subsection 1 is guilty of a gross misdemeanor.

Nev. Rev. Stat. § 119A.690 Falsifying application; failure to submit annual report.

Any person who willfully submits, in the application for a permit to sell time shares or an application for a sales agent’s license, any materially false or misleading information or fails to submit an annual report on a program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans, or both, is guilty of a misdemeanor.

Nev. Rev. Stat. § 119A.700 False or misleading advertising.

1. It is unlawful for any person to use false or misleading information to advertise the sale of time shares. 2. Unless a person has actual knowledge of the false or misleading information, the owner, publisher, licensee or operator of any newspaper, magazine, television or radio broadcasting station or their agents or employees are not liable under this chapter for any advertising of any time share carried in the newspaper, magazine or by the television or radio broadcasting station nor are any of them liable under this chapter for the contents of any advertisement.

Nev. Rev. Stat. § 119A.702 Restrictions on promotional material; completion of improvements portrayed in promotional material.

1. It is unlawful for any person to display or deliver to prospective purchasers of time shares promotional material that describes or portrays an improvement that has not been made to the project unless the improvement is conspicuously labeled or identified with the phrase “MUST BE BUILT” or “NEED NOT BE BUILT” or with other similar language approved by the Division. 2. A developer shall construct and complete any improvement to a project that is described or portrayed in promotional material for the sale of time shares unless the improvement is labeled or identified as “NEED NOT BE BUILT” or with other similar language approved by the Division.

Nev. Rev. Stat. § 119A.710 Unfair methods of competition; deceptive or unfair acts.

It is unlawful to engage in unfair methods of competition or deceptive or unfair acts in the offer to sell or sale of a time share including, without limitation: 1. Misrepresenting or failing to disclose any material fact concerning a time share. 2. Including in an agreement for the purchase of a time share provisions purporting to waive any right or benefit provided for purchasers under this chapter. 3. Receiving from a prospective purchaser any money or other valuable consideration before the purchaser has received a statement of public offering. 4. Misrepresenting the amount of time or period of time the unit will be available to a purchaser. 5. Misrepresenting the location or locations of the unit. 6. Misrepresenting the size, nature, extent, qualities or characteristics of the unit. 7. Misrepresenting the nature or extent of any services incident to the unit. 8. Misrepresenting the conditions under which a purchaser may exchange occupancy rights to a unit in one location for occupancy rights to a unit in another location. 9. Failing to disclose initially that any promised entertainment, food or other inducements are being offered to solicit the sale of a time share. 10. Conducting or participating in, without prior approval by the Division, any type of lottery or contest, or offering prizes or gifts to induce or encourage a person to visit a project, attend a meeting at which a time share will be discussed, attend a presentation or purchase a time share. 11. Failing to disclose initially to a prospective purchaser any agreement between the project broker or sales agent and the developer that results in a sharing of sales proceeds in excess of a minimum sales price for a time share. 12. Any act or practice considered an unfair method of competition or an unfair or deceptive act or practice under NRS 207.170 , 207.171 or 598.0915 to 598.0925 , inclusive, or chapter 598A or 599A of NRS.

Nev. Rev. Stat. § 119A.720 Participation in plan or scheme to transfer time share to person without ability to pay assessments and taxes constitutes false, misleading or deceptive act or practice; rebuttable presumption of violation; exception for certain acts by association or manager.

1. Except as otherwise provided in subsection 3, any person other than a person described in paragraph (a) of subsection 3 of NRS 119A.4771 or a developer or an association that is offering time shares in a time-share plan which is registered by such a developer or an association or which is exempt from registration in this State, who knowingly participates, for consideration or with the expectation of consideration, in any plan or scheme, a purpose of which is to transfer a previously sold time share to a transferee who does not have the ability, means or intent to pay all assessments and taxes for that time share commits a false, misleading or deceptive act or practice for the purposes of NRS 207.170 , 207.171 , 598.0915 to 598.0925 , inclusive, and chapters 598A and 599A of NRS. 2. The failure of a transferee to pay assessments or taxes that come due after the acquisition of a previously sold time share by a person who acquires the time share for commercial purposes creates a rebuttable presumption of a violation of this section. 3. An association or manager does not violate the provisions of this section by performing such administrative acts and collecting such fees or expenses as are customary or required by law or a time-share instrument during the transfer.

Nev. Rev. Stat. § 119A.4771 Registration and licensing of person listing, advertising, transferring, assisting in transferring, soliciting or promoting sale of more than 12 previously sold time shares in 12-month period on behalf of owner other than developer; exception.

1. A person who, on behalf of an owner other than a developer and for compensation, undertakes to list, advertise, transfer, assist in transferring or promote for resale, or solicit prospective purchasers of, more than 12 time shares in any 12-month period that were previously sold must: (a) Be licensed as a real estate broker pursuant to the provisions of chapter 645 of NRS; (b) Register as a time-share resale broker with the Division by completing a form for registration provided by the Division; and (c) Pay any applicable fees. 2. A time-share resale broker shall renew his or her registration with the Division annually on a form provided by the Division and pay any applicable fees. 3. Unless the method of resales of time shares is made to evade the provisions of this chapter, a person is not required to register pursuant to this section or to be licensed under chapter 645 of NRS as a time-share resale broker if the person: (a) Is a purchaser who acquires time shares for his or her own use and occupancy and who later offers to resell 12 or fewer of those time shares in any one calendar year; (b) Is a project broker who resells or offers to resell a time share in a project as an agent for a developer who holds a permit for the project; or (c) Is an owner, operator or publisher of a newspaper, periodical or Internet website, unless the owner, operator or publisher, alone or in combination with its affiliate, parent, subsidiary or agent, derives more than 10 percent of its gross revenue from providing advance fee listings. For the purposes of this paragraph, the calculation of gross revenue derived from providing advance fee listings includes the revenue of any affiliate, parent, agent and subsidiary of the owner, operator or publisher of the newspaper, periodical or Internet website. As used in this paragraph, “advance fee listings” has the meaning ascribed to it in NRS 645.004 .

Nev. Rev. Stat. § 119A.4775 Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations.

1. If the purchaser of a previously sold time share purchases the time share through a time-share resale broker, the contract of sale must provide, in not less than 12-point boldface type, that the purchaser may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract. 2. Regardless of whether a time-share resale broker charges or collects an advance fee, before a purchaser signs any contract to purchase a time share that is offered for resale through a time-share resale broker, the time-share resale broker, other than a developer, shall disclose in the contract to purchase the time share: (a) The period during which the purchaser may use the time share; (b) A legal description of the interest in the time share; (c) The earliest date that the prospective purchaser may use the time share; (d) The name, address and telephone number of the agent managing the time-share plan and the project; (e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained; (f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any; (g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment; (h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory; (i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 4; and (j) The right to cancel the contract in subsection 1. 3. The purchaser must be provided, in either paper or electronic form, at the time the contract to purchase the previously sold time share is signed, copies of the time-share instruments governing the time-share plan. 4. The Administrator shall adopt regulations prescribing the form and contents of the disclosures described in this section.

Nev. Rev. Stat. § 119A.4777 Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner.

1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to resell that time share must: (a) Be in writing; (b) Contain a provision in not less than 12-point boldface type that the owner may cancel, by written notice, the agreement with the time-share resale broker until midnight of the fifth calendar day after the date of execution of the agreement; and (c) Contain a written disclosure that sets forth: (1) Whether any person other than the purchaser may use the time share during the period before the time share is resold; (2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold; (3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold; (4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share; and (5) The right to cancel the agreement provided pursuant to paragraph (b). 2. The time-share resale broker who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement. 3. The time-share resale broker who resells a time share shall make the disclosures required pursuant to paragraph (c) of subsection 1 before accepting anything of value from the owner.

Nev. Rev. Stat. § 119A.4779 Advance fee charged or collected by time-share resale broker; requirements for contract for advance fee listing; duties and prohibited acts; violation constitutes unfair or deceptive act or practice; civil penalty.

1. In addition to the provisions of NRS 645.322 , 645.323 and 645.324 , a time-share resale broker who charges or collects an advance fee shall place 80 percent of that fee into his or her trust account. If the time-share resale broker closes escrow on the time-share resale, the time-share resale broker shall be deemed to have earned the advance fee. If the listing of the time share expires before the time-share resale broker closes escrow on the time-share resale, the time-share resale broker must return the money held in the trust account to the owner of the time share within 10 days after the date of the expiration of the listing. 2. The contract for an advance fee listing must include the following disclosures to the owner of any previously sold time share: (a) A description of any fees or costs related to the services that the owner or any other person is required to pay to the time-share resale broker or to any third party; (b) A description of when any fees or costs are due; and (c) The disclosures required by paragraph (c) of subsection 1 of NRS 119A.4777 . 3. A time-share resale broker who charges or collects an advance fee shall not: (a) State or imply to an owner that the time-share resale broker has identified a person interested in buying or renting the time share without providing the name, address and telephone number of such person; (b) State or imply to an owner that the time share has a specific resale value; (c) Fail to honor any cancellation notice sent by the owner by midnight of the fifth day after the date of execution of the contract; or (d) Fail to provide a full refund of all money paid by an owner within 20 days after receipt of a notice of cancellation. 4. If a time-share resale broker executes a contract that fails to comply with the provisions of subsection 2, such contract is voidable at the option of the owner for a period of 1 year after the date of execution. 5. Notwithstanding the obligations placed upon any other person by this section, the time-share resale broker shall supervise, manage and control all aspects of the resale offering. Any violation of the provisions of this section that occurs during such offering shall be deemed a violation by the time-share resale broker and by the person who actually committed the violation. 6. The use of any unfair or deceptive act or practice by any person in connection with the offering of a time share for resale is a violation of this section. 7. A violation of this section is an unfair or deceptive act or practice pursuant to NRS 207.170 , 207.171 , 598.0915 to 598.0925 , inclusive, and chapters 598A and 599A of NRS. 8. Notwithstanding any other penalty provided for in this chapter or chapter 645 of NRS, a person who violates any provision of NRS 119A.4771 to 119A.4779 , inclusive, is subject to a civil penalty of not more than $1,000 for each violation.
Source: NV Statutes (Official Site)URL: https://www.leg.state.nv.us/nrs/NRS-119A.htmlFetched: 10/4/2026

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