Louisiana Revised Statutes 9:1131.3 – Applicability and scope
Terms Used In Louisiana Revised Statutes 9:1131.3
- Developer: means the person, or any successor or assignee of such person, who creates the timeshare plan or who is in the business of making sales of timeshare interests which it owns or purports to own. See Louisiana Revised Statutes 9:1131.2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease timeshare interest: means an interest in which a person receives the right to use or occupy, however evidenced or documented, immovable property for a period of time or intervals of time which can be less than a full year during each year, over a period of more than three years. See Louisiana Revised Statutes 9:1131.2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Ownership timeshare interest: means an interest in which a person receives the right to use or occupy, however evidenced or documented, immovable property for a period of less than a full year during each year, over a period of more than three years, coupled with an ownership interest in immovable property. See Louisiana Revised Statutes 9:1131.2
- Project: includes but is not limited to condominiums and cooperative housing corporations. See Louisiana Revised Statutes 9:1131.2
- Purchaser: means any person to whom a timeshare interest is offered or who has contracted to purchase a timeshare interest. See Louisiana Revised Statutes 9:1131.2
- Timeshare association: means a corporation owned by the timeshare interest owners and through which the timeshare interest owners manage and regulate the timeshare property. See Louisiana Revised Statutes 9:1131.2
- Timeshare instrument: means the legal document or documents, by whatever names denominated, that convey a timeshare interest to a purchaser. See Louisiana Revised Statutes 9:1131.2
- Timeshare interest: means an ownership "timeshare interest" a lease timeshare interest, a timeshare estate, and a timeshare use unless expressly provided otherwise and includes any of the following:
(a) A "timeshare estate" which is the right to occupy a timeshare property, coupled with present ownership or some right to future ownership in a timeshare property or a specified portion thereof. See Louisiana Revised Statutes 9:1131.2
- Timeshare plan: means any arrangement, plan, scheme, or similar device, other than an exchange program, whether by membership agreement, sale, lease, license, other act of conveyance, or right-to-use agreement or by any other means, whereby a purchaser, in exchange for consideration, receives ownership rights in or the right to use accommodations for a period of time less than a full year during any given year, but not necessarily for consecutive years. See Louisiana Revised Statutes 9:1131.2
- Timeshare property: means one or more timeshare units subject to the same timeshare plan, together with any common elements or any other immovable property, or rights therein, appurtenant to those units. See Louisiana Revised Statutes 9:1131.2
A. This Part shall apply to the sale, offer to sell, or solicitation of persons for the sale of any timeshare interest in immovable property located in Louisiana, and to the sale, offer to sell, or solicitation of persons in Louisiana for the sale of any timeshare interest in immovable property located in Louisiana and outside Louisiana except as otherwise provided by this Part.
B. The provisions of this Part shall be applicable, from and after the effective date of this Part, to existing timeshare interests created prior to the effective date of this Part; however, the developer of existing timeshare interests or the timeshare association of owners of existing timeshare interests shall have until December 1, 1983 to comply with La. Rev. Stat. 9:1131.4 of this Part. The obligation to provide a public offering statement under this Part or contribution to the fund in La. Rev. Stat. 9:1131.17 shall apply only to sales of timeshare interests after the effective date of this Part. This Part shall not affect or impair any right that is guaranteed or protected by the constitutions of Louisiana or the United States, nor shall this Part be construed to impair or affect any act done or right accruing, accrued, or acquired prior to the effective date of this Part. This Part shall not be construed to impair or cast a cloud upon the titles to units of any timeshare property conveyed prior to the effective date of this Part.
C. The provisions of the Louisiana Condominium Act, La. Rev. Stat. 9:1121.101 et seq., shall be applicable to an ownership timeshare interest created in a condominium to the extent that the provisions do not conflict with the provisions of this Part. However, whenever documents must be filed of record or delivered to purchasers under the Louisiana Condominium Act and this Part, they may be combined to avoid duplication.
D. A developer who sells lease timeshare interests in a multiple use project shall be exempt from the requirements and provisions of Sections 1131.4, 1131.5, 1131.6, 1131.8, 1131.20, 1131.21, 1131.22, and 1131.23 of this Part. The developer shall file an abstract of each lease timeshare interest sold in the conveyance records of the parish in which the timeshare interest is located within thirty days from the date of the sale.
E. The Louisiana Real Estate Commission shall not require a developer of a timeshare plan located outside of this state to make changes in any timeshare instrument to conform to the provisions of this Part regarding the structure of the timeshare regime provided it complies with the law of the state in which the plan is located. The Louisiana Real Estate Commission shall have the power to require disclosure of such provisions as the commission determines is necessary to fairly, meaningfully, and effectively disclose all aspects of the timeshare plan.
F. Each timeshare interest constitutes, for purposes of title, a separate interest in property except for taxes on immovable property in Louisiana.
G. The offer or disposition of a timeshare interest in a timeshare plan which satisfies all the requirements of this Part shall not be deemed to constitute the offer and sale of a security under any other Louisiana law.
H. The commission may grant an exemption from this Part to timeshare plans, whether or not an accommodation is located in Louisiana, under which the prospective purchaser‘s total contractual financial obligation is less than three thousand dollars during the entire term of the timeshare plan.
Added by Acts 1983, No. 552, §1; Acts 2003, No. 978, §1.