TITLE 44 PROPERTY

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

ARTICLE 5 TIME-SHARE PROJECTS AND PROGRAMS

44-3-178. Exceptions to public offering statement requirement under this article.

1. In lieu of the public offering statement required by this article, the developer may give prospective purchasers a public offering statement or similar disclosure document which meets the requirements of the Federal Securities and Exchange Act of 1933 or, if the time-share project is located in another state, a public offering statement or similar disclosure document which that state may require to be prepared and provided to purchasers.
2. A public offering statement need not be prepared or delivered in the case of:
   1. A transfer of a time-share interval by any time-share interval owner or user other than the developer or such developer's agent;
   2. A disposition pursuant to court order;
   3. A disposition by a government or governmental agency;
   4. A disposition by foreclosure or deed in lieu of foreclosure;
   5. A disposition of a time-share interval in a time-share project situated wholly outside this state, provided that all solicitations and negotiations took place wholly outside this state and the sales agreement was executed wholly outside this state;
   6. A gratuitous transfer of a time-share interval; or
   7. Group reservations made for 15 or more people as a single transaction between a hotel and travel agent or travel groups for hotel accommodations when deposits are made and held for more than three years in advance.

(Code 1981, §44-3-178, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1984, p. 22, § 44; Ga. L. 1995, p. 1260, § 1.)