1.  The Administrator shall issue a preliminary permit to sell time shares to each applicant who:

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(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.