New Jersey Statutes 45:15-16.85. Existing timeshare plans remain in full force and effect
Terms Used In New Jersey Statutes 45:15-16.85
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
Developers who have filed timeshare plans that were exempt from the requirements of the “Real Estate Sales Full Disclosure Act,” P.L.1989, c.239 (C. 45:15-16.27 et seq.) and “The Planned Real Estate Development Full Disclosure Act,” P.L.1977, c.419 (C. 45:22A-21 et seq.) shall be required to file a registration application with the commission within 90 days from the effective date of this act unless they are otherwise exempt under this act. These developers and timeshare plans shall be allowed to continue operating as long as a registration application is filed with the commission within the timeframe stated above and as long as they, in good faith, continue to work with the commission to correct any and all deficiencies in the registration application.
Any existing injunction or temporary restraining order validly obtained under the “Real Estate Sales Full Disclosure Act,” P.L.1989, c.239 (C. 45:15-16.27 et seq.) or “The Planned Real Estate Development Full Disclosure Act,” P.L.1977, c.419 (C. 45:22A-21 et seq.) which prohibits unregistered practice of timeshare developers, timeshare plans, and their agents shall not be invalidated by the enactment of this act and shall continue to have full force and effect on and after the effective date of this act. Any existing disciplinary action or investigation pursuant to a violation under the “Real Estate Sales Full Disclosure Act,” P.L.1989, c.239 (C. 45:15-16.27 et seq.) or “The Planned Real Estate Development Full Disclosure Act,” P.L.1977, c.419 (C. 45:22A-21 et seq.) shall not be invalidated by the enactment of this act and shall continue to have full force and effect on and after the effective date of this act.
L.2006, c.63, s.36.