TITLE 44 PROPERTY

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

ARTICLE 5 TIME-SHARE PROJECTS AND PROGRAMS

44-3-177. Exemption from other state laws requiring registration and public offering statements.

1. Any time-share program registered under this article in which a public offering statement has been prepared shall not require registration under any of the following:
   1. Article 1 of this chapter;
   2. Chapter 5 of Title 10; or
   3. Any other state law which requires the preparation of a public offering statement or substantially similar document for distribution to purchasers.
2. Any time-share program registered under this article that fails to restrict the price at which an owner may sell or exchange such owner's time-share interval shall not by virtue of such failure cause the time-share interval to become a security under Chapter 5 of Title 10; nor shall an exchange program offering such a time-share interval for exchange be construed to be offering a security under Chapter 5 of Title 10.

(Code 1981, §44-3-177, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.)