Nebraska Statutes 76-1727. Time-share interval; offer or sale; restrictions
A developer shall not offer or dispose of a time-share interval:
Terms Used In Nebraska Statutes 76-1727
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(1) If the time-share program is not registered with the commission and not otherwise exempted under section 76-1738, except that a developer may accept a reservation together with a deposit if the deposit is placed in an escrow account with an institution having trust powers and is refundable at any time at the purchaser’s option. In all cases, a reservation shall require a subsequent affirmative act by the purchaser by a separate instrument to create a binding obligation;
(2) While an order revoking or suspending the registration of the time-share program is in effect; or
(3) If the developer has not designated a duly licensed Nebraska real estate broker who accepts responsibility for the developer’s actions in this state.