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As used in this Part:

(1)  “Affiliate” means any person who controls, is controlled by, or is under common control with a developer.

(a)  A person “controls” a developer if the person:

(i)  is a general partner, officer, director, or employer of the developer;

(ii)  directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than twenty percent of, the voting interest in the developer or its general partner;

(iii)  controls in any manner the selection of a majority of the directors or the general partner of the developer; or

(iv)  has contributed more than twenty percent of the capital of the developer.

(b)  A person “is controlled by” a developer if the developer:

(i)  is a general partner, officer, director, or employer of the person;

(ii)  directly or indirectly or acting in concert with one or more other persons or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than twenty percent of, the voting interest in the person;

(iii)  controls in any manner the election of a majority of the directors of the person; or

(iv)  has contributed more than twenty percent of the capital of the person.

(c)  A person is also “controlled by” a developer if such person is a project broker or sales agent for any timeshare property of the developer.

(d)  Control does not exist if the powers described in this Paragraph are held solely as security for an obligation and are not exercised.

(2)  “Common elements” means all portions of timeshare property other than units.

(3)  “Completion of construction” means:

(a)(i)  That a certificate of occupancy has been issued for the entire building in which the timeshare interest being sold is located, or for the improvement, or that the equivalent authorization has been issued, by the governmental body having jurisdiction; or

(ii)  In a jurisdiction in which no certificate of occupancy or equivalent authorization is issued, that the construction, finishing, and equipping of the building or improvements according to the plans and specifications have been substantially completed; and

(b)  That all accommodations of the timeshare unit and facilities of the timeshare plan are available for use in a manner identical in all material respects to the manner portrayed by the promotional material, advertising, and public offering statements filed with the Louisiana Real Estate Commission.

(4)  “Conspicuous type” means type in boldfaced capital letters no smaller than the largest type, exclusive of headings, on the page on which it appears and, in all cases, at least 10-point type.  Where conspicuous type is required, it must be separated on all sides from other type and print.  Conspicuous type may be utilized in purchase contracts or public offering statements only where required by law.

(5)  “Contract” includes any agreement conferring the rights and obligations of a timeshare ownership on the purchaser.

(6)  “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.

(7)  “Exchange company” means the person operating a program providing any opportunity or procedure for the assignment or exchange of timeshare interests among owners and purchasers in the same or other timeshare plans.

(8)  “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.

(9)  “Managing entity” means an entity with the duty to manage and operate the timeshare plan and/or the timeshare property.

(10)  “Multiple use project” means a project which combines hotel and/or apartment accommodations with timeshare units in which the timeshare interest sold is a lease timeshare interest and the hotel and/or apartment units exceed fifty units in number not subject to a timeshare interest and the timeshare interest units of the development account for less than forty percent of the total square footage of all the units in the project.

(11)  “Owner” means any person who owns or is a co-owner of a timeshare interest.

(12)  “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.

(13)  “Person” means an individual, partnership, corporation, or other legal entity.

(14)  “Project” means immovable property containing more than one unit.  “Project” includes but is not limited to condominiums and cooperative housing corporations.  A project may include units that are not timeshare units.

(15)  “Purchaser” means any person to whom a timeshare interest is offered or who has contracted to purchase a timeshare interest.

(16)  “Timeshare association” means a corporation owned by the timeshare interest owners and through which the timeshare interest owners manage and regulate the timeshare property.

(17)  “Timeshare declaration” or “declaration” means the instrument by which the timeshare property is made subject to a timeshare plan.

(18)  “Timeshare documents” means all of the documents, by whatever names denominated, and any amendments thereto, which establish the timeshare plan, create and govern the rights and relationships of owners, and govern the use and operation of the timeshare property.  Such documents include, but are not limited to, the declaration, the articles of incorporation and by-laws of the association, and the rules and regulations for the timeshare plan.

(19)  “Timeshare expenses” means any expenditures, fees, charges, or other liabilities for which an owner of a timeshare interest is liable as a result of the ownership of the timeshare interest.

(20)  “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.

(b)  A “timeshare use” which is the right to occupy a timeshare property which right is neither coupled with present ownership nor some right to future ownership in a timeshare property or a specified portion thereof.

(c)  An “ownership timeshare interest” which is an interest in which a person receives the right to use or occupy immovable property for a period of less than a full year, over a period of more than three years, coupled with an ownership in immovable property.

(d)  A “lease timeshare interest” which is an interest in which a person receives the right to use or occupy immovable property for a period of less than a full year, over a period of more than three years.

(21)  “Timeshare instrument” means the legal document or documents, by whatever names denominated, that convey a timeshare interest to a purchaser.

(22)  “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.  A timeshare plan may be either of the following:

(a)  A “single-site timeshare plan” which is the right to use accommodations at a single timeshare property.

(b)  A “multisite timeshare plan” which includes either of the following:

(i)  A “specific timeshare interest” which is the right to use accommodations at a specific timeshare property together with use rights in accommodations at one or more other component sites created by or acquired through the timeshare plan’s reservations system.

(ii)  A “nonspecific timeshare interest” which is the right to use accommodations at more than one component site created by or acquired through the timeshare plan’s reservation system but including no specific right to use any particular accommodations.

(23)  “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.

(24)  “Timeshare unit” means a unit which is the subject of a timeshare plan.

(25)  “Unit” means immovable property, or a portion thereof, designated for separate occupancy.

(26)  “Use period” means the increments of time into which a timeshare unit or the timeshare property is divided for the purpose of allocating rights of use and occupancy to the owners.

Added by Acts 1983, No. 552, §1.  Acts 1984, No. 943, §1, eff. July 20, 1984; Acts 1985, No. 999, §1; Acts 2003, No. 978, §1.

{{NOTE:  SEE ACTS 1985, NO. 999, §5.}}