Iowa Code 557A.12 – Additional disclosure requirements relating to exchange programs
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Terms Used In Iowa Code 557A.12
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
557A.12 Additional disclosure requirements relating to exchange programs.
1. When the owners of time-share intervals are to be permitted or required to become members of or participate in any program for the exchange of occupancy rights among themselves or with the owners of time-share intervals of other time-share projects or both, the developer or an agent of a developer of a time-share program, in addition to the property report required by § 557A.11 and within the same time limitation, shall provide the following disclosure materials to a purchaser:
a. The name, address and telephone number of the exchange agent and a statement as to whether that person is an affiliate of the developer.
b. Whether membership or participation, or both, in the exchange program are voluntary or mandatory.
c. The expenses, or ranges of expenses, charged to the time-share interval owners for membership in the exchange program including the expenses, if any, of exchanging as of a date not more than one year before the property report is delivered to the purchaser, and the name of the person to whom those expenses are payable.
d. Whether and how any of the expenses specified in paragraph “”c”” may be altered and, if any of them are to be fixed on a case-by-case basis, the manner in which they are to be fixed in each case.
2. Subsection 1 shall not apply if information on all exchange programs has been included pursuant to law or rule of the other registering jurisdiction in an abbreviated property report prepared pursuant to § 557A.11, subsection 2.
85 Acts, ch 155, §12
Referred to in §557A.2, 557A.3, 557A.11, 557A.13, 557A.14
1. When the owners of time-share intervals are to be permitted or required to become members of or participate in any program for the exchange of occupancy rights among themselves or with the owners of time-share intervals of other time-share projects or both, the developer or an agent of a developer of a time-share program, in addition to the property report required by § 557A.11 and within the same time limitation, shall provide the following disclosure materials to a purchaser:
a. The name, address and telephone number of the exchange agent and a statement as to whether that person is an affiliate of the developer.
b. Whether membership or participation, or both, in the exchange program are voluntary or mandatory.
c. The expenses, or ranges of expenses, charged to the time-share interval owners for membership in the exchange program including the expenses, if any, of exchanging as of a date not more than one year before the property report is delivered to the purchaser, and the name of the person to whom those expenses are payable.
d. Whether and how any of the expenses specified in paragraph “”c”” may be altered and, if any of them are to be fixed on a case-by-case basis, the manner in which they are to be fixed in each case.
2. Subsection 1 shall not apply if information on all exchange programs has been included pursuant to law or rule of the other registering jurisdiction in an abbreviated property report prepared pursuant to § 557A.11, subsection 2.
85 Acts, ch 155, §12
Referred to in §557A.2, 557A.3, 557A.11, 557A.13, 557A.14