TITLE 44 PROPERTY

Section 3. Regulation of Specialized Land Transactions, 44-3-1 through 44-3-250.

ARTICLE 5 TIME-SHARE PROJECTS AND PROGRAMS

44-3-161. Purpose of article.

The purposes of this article are to:

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

(Code 1981, §44-3-161, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.)