Section 3. Regulation of Specialized Land Transactions, 44-3-1 through 44-3-250.
ARTICLE 5
TIME-SHARE PROJECTS AND PROGRAMS
44-3-184. Limitation of actions.
A judicial proceeding where the accuracy of the public offering statement or validity of any sales agreement is an issue and a rescission of the sales agreement is sought or damages are sought must be commenced within one year after the date upon which the last of the events described in paragraphs (1) through (3) of this Code section shall occur:
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The closing of the transaction;
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The first issuance by the applicable governmental authority of a certificate of occupancy or other evidence of sufficient completion of construction of the building containing the unit to allow lawful occupancy of the unit. In counties or municipalities in which certificates of occupancy or other evidence of completion sufficient to allow lawful occupancy are not customarily issued, for the purpose of this Code section, evidence of lawful occupancy shall be deemed to have been given or issued upon the date that such lawful occupancy of the unit may first be allowed under prevailing applicable laws, ordinances, or statutes; or
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The completion of the common elements and any recreational facilities, whether or not the same are common elements, which the seller is obligated to complete or to provide under the terms of the written contract for the sale of the unit.
(Code 1981, §44-3-184, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1995, p. 1260, § 1.)
44-3-185. False advertising prohibited.
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It shall be unlawful for any person, directly or indirectly, to sell or offer for sale time-share intervals in this state by authorizing, using, directing, or aiding in the dissemination, publication, distribution, or circulation of any statement, advertisement, radio broadcast, or telecast concerning the time-share project in which the time-share intervals are offered, which contains any statement or sketch which is false or misleading or contains any representation or pictorial representation of proposed improvements or nonexistent scenes without clearly indicating that the improvements are proposed and the scenes do not exist.
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Nothing in this Code section shall be construed to hold the publisher or employee of any newspaper, or any job printer, or any broadcaster or telecaster, or any magazine publisher, or any of the employees thereof, liable for any publication referred to in subsection (a) of this Code section unless the publisher, employee, or printer has actual knowledge of the falsity thereof or has an interest either as an owner or agent in the time-share project so advertised.
(Code 1981, §44-3-185, enacted by Ga. L. 1983, p. 1255, § 1; Ga. L. 1987, p. 1386, § 4; Ga. L. 1995, p. 1260, § 1.)
Code Commission notes.
- Pursuant to
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28-9-5, in 1988, a comma was deleted following "contains any statement" near the middle of subsection (a).
